Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The trip to Cairo by Masood Ahmed, director of the IMF's Middle East and Central Asia department, comes at the invitation of Egyptian authorities, the Washington-based lender said Saturday in a statement/FILE

Kenya

IMF official in Egypt on Monday for loan talks

The trip to Cairo by Masood Ahmed, director of the IMF's Middle East and Central Asia department, comes at the invitation of Egyptian authorities, the Washington-based lender said Saturday in a statement/FILE

The trip to Cairo by Masood Ahmed, director of the IMF’s Middle East and Central Asia department, comes at the invitation of Egyptian authorities, the Washington-based lender said Saturday in a statement/FILE

WASHINGTON, Jan 6 – A top International Monetary Fund official will visit Egypt on Monday for talks likely to focus on the $4.8 billion loan agreement frozen last month because of political unrest in the country.

The trip to Cairo by Masood Ahmed, director of the IMF’s Middle East and Central Asia department, comes at the invitation of Egyptian authorities, the Washington-based lender said Saturday in a statement.

Discussions will focus on “the most recent economic developments, their policy plans for addressing Egypt’s economic and financial challenges, and possible IMF support for Egypt in facing these challenges,” the Fund said.

Less than a week ago, Egyptian Prime Minister Hisham Qandil said that Cairo wanted to resume talks with the IMF on the loan request.

That request, made last August, was suspended for a month on December 11, with Cairo saying the postponement was “because of the political situation in the country.”

The IMF and Egyptian authorities had provisionally agreed on the 22-month loan — aimed at helping the government bridge financial shortfalls through fiscal 2013-2014 — on November 20.

Egyptian President Mohamed Morsi’s government is going through its worst crisis since his election in June to replace long-time strongman Hosni Mubarak, mainly over a referendum on a new Islamist-drafted constitution.

The political instability has hammered the country’s tourism industry, its major source of foreign revenue, and has also scared off foreign investment.

Egyptian state media reported Saturday that the country’s finance and interior ministers were likely to be replaced in a government reshuffle on Sunday.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...