World Bulletin/News Desk
U.S. Secretary of State John Kerry plans to stress the importance of Egypt reaching an IMF agreement and achieving political consensus for painful economic reforms, a U.S. official said on Saturday.
Speaking shortly before Kerry arrived in Cairo for a two-day visit, the official said if Egypt could agree on a $4.8 billion loan from the IMF, this would bring in other funds from the United States, European Union and Arab countries.
However, the official said Kerry believed Egypt needed to increase tax revenues and reduce energy subsidies, measures that are likely to prove highly unpopular with Egyptians who are struggling during the country's economic crisis.
"His basic message is it's very important to the new Egypt for there to be a firm economic foundation," the official told reporters as Kerry flew to Cairo.
"In order for there to be agreement on doing the kinds of economic reforms that would be required under an IMF deal there has to be a basic political ... agreement among all of the various players in Egypt," the official said on condition of anonymity.
Egypt said on Thursday it would invite a team from the International Monetary Fund to reopen talks the loan - which was agreed in principle last November but put on hold at Cairo's request during street violence the following month - and the Investment Minister Ashraf al-Araby expressed hope that a deal could be done by the end of April.
Egypt's foreign currency reserves have fallen to not much more than a third of their level before the 2011 overthrow of Hosni Mubarak as the nation's crisis deepens.
Nevertheless, Kerry will stress the need for agreement on reform across the political spectrum on reforms that are likely to be unpopular and winning approval in the Shura Council, Egypt's upper house of parliament.
"What they need to do is ... things like increasing tax revenues, reducing energy subsidies, making clear what the approval process will be to the Shura council for an IMF agreement, that kind of thing," said the official.
China has also said it would like to continue to develop "friendly cooperation" with Ukraine and that it respects the ex-Soviet state's independence, sovereignty and territorial integrity.
Selling a fleet of subs would mark the first time since at least the end of World War Two that Japan had sold a complete weapons platform overseas.
The head of Iran's atomic agency says the agreement will be signed next month
A little more than a month ahead of general elections, new figures shows the Brazilian economy contracted by 0.6 percent in the second quarter of 2014
Russia cut off the gas flow in mid-June after the two sides failed to agree on pricing and debts owed for previous gas supplies.
Malaysia Airlines will be de-listed from the Kuala Lumpur exchange by the end of 2014
Venezuela's Petroleum minister, Rafael Ramirez, said earlier this year that PDVSA could import crude as a "last resort" to find diluents for its heavy crudes
Air France, the French network of Air France-KLM said on Wednesday it has suspended its flights to Sierra Leone following advice from the French government
Ukrainian Prime Minister Arseny Yatseniuk said that Kiev knew of plans by Russia to halt gas flows this winter to Europe
The inquiry into tycoon Bernard Tapie has embroiled several of former president Nicolas Sarkozy's cabinet members including Lagarde.
The riot broke out in the southern industrial hub of Johor state on Tuesday at a factory run by JCY International , a Malaysian firm that makes parts for electronic giants including Samsung, Hitachi and Western Digital.
Hawaii and U.S. territories have strong dependency on petroleum imports, because of their physical isolation and lack of fossil fuel resources, while their residential electricity prices have been three to five times the average residential prices of the mainland U.S.
Buyers of Kurdish crude could face lawsuits from Baghdad if the oil moves close to U.S. soil and would also require the seller to provide costly indemnities against potential lawsuits
Deep job losses, route cuts and a change of leadership are expected to feature in a restructuring plan being prepared by Malaysia's government
New company will create the third largest global fast-food chain with annual sales of US$23 billion.
Once the international language of royal courts and diplomacy, French has lost ground to English in recent decades