Circumstances 'not suitable' to resume IMF loan talks, says minister

Saudi Arabia, the UAE and Kuwait have pledged a combined $12 billion in aid to support Egypt's economy following the army's ouster of elected president Mohammad Morsi earlier this month.

Circumstances 'not suitable' to resume IMF loan talks, says minister

World Bulletin/News Desk

Planning Minister-designate Ashraf al-Arabi believes the time is not right to resume negotiations with the International Monetary Fund (IMF) for a proposed loan to Egypt.

"The current circumstances are not suitable for negotiating with the IMF," al-Arabi told Anadolu Agency on Monday.

Egypt has been negotiating with the IMF for a proposed $4.8 billion loan to help shore up its faltering economy, but no agreement has been reached despite months of talks.

Saudi Arabia, the United Arab Emirates and Kuwait have pledged a combined $12 billion in aid to support Egypt's economy in the current transitional phase, following the army's ouster of elected president Mohammad Morsi earlier this month.

Al-Arabi had earlier said that Egypt no longer needed the IMF loan.

"Arab aid will enable Egypt to pass through the transitional phase with minimal losses," he said.

Egypt has been thrown into political turmoil since Morsi was ousted by the army on July 3 following mass protests against his regime.

Thousands of Morsi supporters, meanwhile, have continued to stage daily protests to demand his reinstatement as president.

Last Mod: 16 Temmuz 2013, 10:14
Add Comment