Thursday 3 May 2012

gulfnews : Mena may need $100b in funding next year

The International Monetary Fund recognises that Egypt requires support in stabilising its economy, but the multilateral agency is waiting for the Egyptian government to present a concrete economic recovery plan, a senior IMF official said yesterday.
"We need to have a plan from the Egyptian government before the $3.2 billion (Dh11 billion) loan is approved. The plan needs to address the country's fiscal issues and investor confidence," said Masoud Ahmad, the IMF's director for the Middle East and Central Asia.
The Egyptian government is expected to present a plan to the IMF by the middle of the month. But analysts fear that differences among various political parties could further delay the presentation of the plan. "As soon as there is a plan that addresses all these issues, we will be ready to present this to the IMF board for approval," Ahmad said.

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