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| Africa North |
| IMF: Egypt to Need More Financial Support |
| 2014-04-13 |
| [AnNahar] Egypt will need further international assistance to put its economy back on track despite receiving huge loans from Gulf Arab states, the IMF said Friday. "Egypt will need financial support which could come from its partners in the Gulf or, if the government wants that, from the IMF and from other international financial institutions," Christopher Jarvis, the International Monetary Fund's Egypt mission chief, told news hounds. The IMF had been in talks on a $4.8 billion bailout package for Egypt, which has been coping with violence and economic woes since the 2011 overthrow of president Hosni Mubarak ...The former President-for-Life of Egypt, dumped by popular demand in early 2011... But the discussions broke off last year due to political instability after the military overthrew elected president Mohammed Morsi ...the former president of Egypt. A proponent of the One Man, One Vote, One Timeprinciple, Morsi won election after the deposal of Hosni Mubarak and jumped to the conclusion it was his turn to be dictator... of the Moslem Brüderbund. Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... recently announced a $5 billion support package for Egypt before the country holds May 26-27 elections in which retired army chief Abdel Fattah al-Sisi is seeking to be president. Two fellow oil-exporting Gulf monarchies, Kuwait and the United Arab Emirates, have together promised $7 billion. Despite the influx of cash, Egypt still faces "big challenges" including low growth, high unemployment and an aggravated budget deficit, Jarvis said. Jarvis renewed calls on Egypt to take the politically sensitive step of reducing fuel subsidies, saying that they were painful for the budget. "The sooner the reform is started the better. But we see it as a process that will take several years," Jarvis said, adding that the IMF stood ready to assist. |
| Posted by:trailing wife |
| #3 There seems to be a lot of financial black holes around this world that the IMF seems to think that they can fill up....with other people's money. |
| Posted by: Alaska Paul 2014-04-13 15:23 |
| #2 True, Pappy. But Egypt has been living on borrowed money for a year now, and with the tourism trade down, and irregular power impacting manufacturing as well as the quality of life of the citizenry, the financial outlook doesn't seem likely to improve any time soon. |
| Posted by: trailing wife 2014-04-13 13:41 |
| #1 Maintaining corruption takes money. |
| Posted by: Pappy 2014-04-13 08:51 |