International Monetary Fund (IMF) spokesman Gerry Rice said the fund will send a delegation to Egypt before the end of 2014 to conduct an evaluation for the country’s economic performance as part of periodic consultation with member countries under Article IV.
The fund is expected to conduct talks next October with the Egyptian’s government over bolstering the local economy.
Such talks will be the first between the fund and Egypt after a suspension period of four years, as the last review by the bank for the Egyptian economy had been conducted on March 24, 2010.
In a press conference in Washington, Rice added that the fund is prepared to support the Egyptian economy in the manner seen suitable by the Egyptian authorities.
Egypt had conducted talks with IMF to obtain a loan worth $4.8 billion. However, such talks were suspended after June 30, 2013.
The Finance Minister has stated earlier that Egypt will ask the IMF for a long-delayed
economic assessment in the hope of improving the country's image before a February investment conference. The government said it wants the results published before the Egypt Economic Summit in Sharm el-Sheikh, a conference to boost investment in an economy battered by years of political turmoil and a lack of investor confidence.
"We hope that the (IMF) report comes in favour of Egypt and contributes to the return of foreign flows, either directly as investments in the real economy or indirectly by improving the stock market," the finance ministry statement said. Egypt has not held Article IV consultations, where IMF experts assess a country's financial and economic state of affairs, since March 2010, according to the IMF.
The fund is expected to conduct talks next October with the Egyptian’s government over bolstering the local economy.
Such talks will be the first between the fund and Egypt after a suspension period of four years, as the last review by the bank for the Egyptian economy had been conducted on March 24, 2010.
In a press conference in Washington, Rice added that the fund is prepared to support the Egyptian economy in the manner seen suitable by the Egyptian authorities.
Egypt had conducted talks with IMF to obtain a loan worth $4.8 billion. However, such talks were suspended after June 30, 2013.
The Finance Minister has stated earlier that Egypt will ask the IMF for a long-delayed
economic assessment in the hope of improving the country's image before a February investment conference. The government said it wants the results published before the Egypt Economic Summit in Sharm el-Sheikh, a conference to boost investment in an economy battered by years of political turmoil and a lack of investor confidence.
"We hope that the (IMF) report comes in favour of Egypt and contributes to the return of foreign flows, either directly as investments in the real economy or indirectly by improving the stock market," the finance ministry statement said. Egypt has not held Article IV consultations, where IMF experts assess a country's financial and economic state of affairs, since March 2010, according to the IMF.
Source:
Mubasher
