| Submit your comments on this article |
| Africa North |
| Egypt's hopes for IMF loan dealt another blow |
| 2012-04-10 |
| Egypt's hopes of securing a US$3.2 billion (Dh11.7bn) loan from the IMF have taken a further knock after a front-runner in next month's presidential election has said he would not support the bid unless the terms were changed. The government has been in talks for several weeks with the IMF about the funding, which is needed to stop the country slipping into a fiscal crisis. But the comments by Khairat Al Shater, who is in the running for the Muslim Brotherhood's Freedom and Justice Party, signal the struggle that negotiators face to win political support for the funding bid. The IMF says the cash is dependent on broad political backing for the plan. "We are not opposed in principle. We are opposed to the timing and the method of implementation," Mr Al Shater was quoted by Reuters as saying. "We told [the government] you have two choices. Either postpone this issue of borrowing and come up with any other way of dealing with it without our approval, or speed up the formation of a government," Mr Al Shater told Reuters. |
| Posted by:tipper |
| #2 They have to pay the money back before the Sun burns out. Yeah, fat chance. |
| Posted by: SteveS 2012-04-10 18:21 |
| #1 OK, what ARE the terms. |
| Posted by: Redneck Jim 2012-04-10 11:16 |