Finance Minister back home after participation in WB, IMF meetings in New York

Finance Minister Amr el Garhy returned home Wednesday after taking part in the annual meetings of the World Bank and International Monetary Fund (IMF) and holding intensive talks with a number of Arab, African and European counterparts, businessmen and bankers.

In statements on Wednesday, Garhy asserted that Egypt is close to finish a program that has been agreed upon with IMF in a step that would enhance confidence in the Egyptian government reform program and provide it with the necessary fund.

Egypt started an economic reform program ahead of its talks with IMF in a bid that would help solve current problems and open new horizons for the economy.

The Egyptian minister had talks with the ministers of finance of Germany, France, Britain, Kuwait as well as US deputy treasury secretary as he outlined the framework of the Egyptian economic reform plan, asserting that Egypt was resolved to go ahead in its reforms with the support of its international partners to achieve sustainable development. 

In August, the IMF agreed in principle to grant Egypt a dlrs 12 billion three-year loan to support a government reform program aimed at plugging a budget gap and re-balancing the currency markets.

The long-awaited Extended Fund Facility (EFF) deal is subject to final approval by the IMF executive committee, likely in the coming weeks, the IMF said.

"Egypt is a strong country with great potential but it has some problems that need to be fixed urgently," the the head of the IMF's mission in Cairo, Chris Jarvis, had said.

Source: MENA