Increasing Egypt's IMF loan is Positive: Analyst
Published Saturday, 18 August 2012 12:51 | Written by Amwal Al Ghad
The Minister of Finance announced that Egypt may seek to increase the International Monetary Fund (IMF) loan size to $ 4.8 billion versus the originally announced $ 3.2 billion. IMF chief Christine Lagarde will visit the country on August 22nd to discuss the loan.
Related newsGenena indicated that this new size of the loan is 3x the size of Egypt's quota at the IMF. IMF members are allowed to borrow up to 200.0% of their quota in stand by arrangements but this limit may be extended on a case by case basis subject to enhanced scrutiny. He added that Lagarde attendance signifies that talks are shifting from a technical to a strategic level.
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Most Popular »
- Jordan, Egypt discuss ties, potential to benefit from World Economic Forum
- Russia sends Trade Mission of 120 Firms to Egypt next Monday
- Egypt will host 2016 World Economic Forum on MENA: Sisi
- ISIS Egypt Affiliate urges Attacks on Judges: Recording
- Denmark’s Arla enters Joint Venture with Egypt’s Biggest Diary Company