Thursday, August 23, 2012

Egypt Requests $4.8 Billion From IMF

CAIRO — The Egyptian government on Wednesday requested a $4.8 billion loan from the International Monetary Fund, in the country’s latest attempt to secure financing for an economy badly damaged by political upheaval since the fall of President Hosni Mubarak.

Egypt’s prime minister, Hesham Qandil, said that he hoped to reach an agreement with the International Monetary Fund by December.

This year, Egypt requested a smaller loan but said at the time that the amount could increase because of the country’s falling revenues from tourism and increasingly scarce foreign investment.

Speaking at a news conference with the monetary fund’s managing director, Christine Lagarde, Mr. Qandil said that Ms. Lagarde’s visit sent a message to the world that Egypt was “stabilizing.”

The loan has been a contentious issue in Egypt, where there is much popular resentment against conditions required by Western lenders. Read More