IMF delegation in Egypt late May

A delegation of the International Monetary Fund (IMF) will visit Egypt late May to get first hand information about the economic landscape in the country, representative of the IMF Arab group Hazem el Beblawy said Friday.

Beblawy, a former Egyptian prime minister, said the delegation will also hold discussions with officials of the economic group in Egypt and the central bank ahead of annual consultations on the Egyptian economy slated for next year.

Speaking to Egyptian reporters, Beblawy quoted remarks by Director of the IMF Christine Lagarde during the Egypt Economic Development Conference in Sharm el-Sheikh, when she said Egypt should only telephone the IMF for help whenever it needed.

It is more appropriate to delay any deal with the IMF until a new parliament is elected, Beblawy said, adding this will grant the Egyptian government more negotiating power.

The veteran economist praised the economic reforms conducted in Egypt, underlying that budget deficit has started to decrease.