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Egypt says no IMF agreement until June

By Reuters CAIRO: Egyptian Planning Minister Faiza Abu El-Naga said on Monday that Egypt expected to sign a $3.2 billion financing package with the International Monetary Fund in June, three months later than it had previously hoped. The political and economic turmoil since President Hosni Mubarak was ousted in February 2011 has dragged the country …


Europe firewall boost throws spotlight on IMF

By Tamim Elyan / Reuters COPENHAGEN: With a decision to expand its anti-crisis “firewall”, the eurozone has thrown the ball firmly back into the court of other economic powerhouses who pledged more cash for the IMF if Europe stumped up first. After providing loans to help debt-wracked countries such as Greece, Christine Lagarde, head of the …


Parliament, government disagree on IMF loan

By Aya Batrawy / AP CAIRO: An International Monetary Fund team was due to leave Cairo Wednesday without securing an agreement over a $3.2 billion loan to help boost the nation’s battered economy. Holding up the deal was political wrangling between the Islamist-dominated parliament and the government, an arm of the ruling military. Economists say Egypt …


IMF chief says world back from financial ‘abyss’

By AFP NEW DELHI: IMF chief Christine Lagarde said Tuesday the global economy has moved back from the “abyss” but that there were still serious weakness in the world financial system. Lagarde, visiting New Delhi for a two-day trip to attend a conference and meet leaders, said the world financial situation is not as grave …


IMF official says Egypt talks to last a few weeks

By Patrick Werr and Marwa Awad / Reuters CAIRO: Talks over an International Monetary Fund loan for Egypt are continuing and will take a few weeks, rather than days, to conclude, IMF Middle East and Central Asia director Ahmed Masood told Reuters on Monday. Egypt formally requested a $3.2 billion IMF loan earlier this year and …


Egypt hopes for IMF loan; UAE uptrend looks fragile

By Nadia Saleem and Patrick Werr / Reuters DUBAI/CAIRO: After a sharp setback last week, stock markets in the United Arab Emirates have resumed rising in high trading volumes, but some analysts say the rally remains fragile as much of it is speculative and depends on a benign global backdrop. In Egypt, investors will be anxious …


Egypt raises budget deficit estimate ahead of loan talks

By Reuters CAIRO: Egypt has raised its budget deficit forecast for this fiscal year by 11.7 percent, the state MENA news agency said on Monday, in a move that may facilitate its efforts to line up an urgently needed international loan. Cairo is struggling to stave off a fiscal crisis following more than a year …


Muslim Brotherhood leaning toward IMF loan

By Patrick Werr and Marwa Awad / Reuters CAIRO: The Egyptian Muslim Brotherhood’s political wing supports Egypt’s request for an IMF loan, but first it wants the government to produce a coherent plan to battle corruption and get costs under control, its economic policymakers say. The government said earlier this year it had formally requested a …


IMF to schedule mission to Egypt later in March

By Reuters WASHINGTON: The International Monetary Fund has received a document outlining Egypt’s proposed economic program, to be supported by IMF financing, and will schedule a mission to Cairo later in March, a Fund spokesman said on Thursday. “We have now received a document that describes in broad terms their economic program,” IMF spokesman Gerry …


Egypt interim government faces tough task selling IMF reforms

By Patrick Werr / Reuters CAIRO: Egypt’s interim government will have to muster all its skills of persuasion to sell austerity measures to a country weary after a year of political and economic strife, if details emerging on Cairo’s planned deal with the IMF are anything to go by. Egypt wants the $3.2 billion IMF accord …


IMF sounds warning for global economy on rising oil

By Reuters MEXICO CITY: The International Monetary Fund flagged higher oil prices as a rising threat to the global economy on Friday, urging policymakers to keep a close eye on western tensions with Iran, which is facing punitive measures against its crude supplies. Looming US sanctions on Iran’s oil buyers, as well as an impending …


Egypt’s economy in dire straits, says IMF spokesman

By AFP WASHINGTON: The International Monetary Fund on Thursday described Egypt’s economic situation as dire, sounding the alarm on stagnant growth and a precipitous drop in the country’s foreign reserves. “Egypt’s economic situation remains challenging. Growth has stalled, and this is hurting the Egyptian economy and the Egyptian people,” said spokesman Gerry Rice. Rice also …


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