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IMF: Egypt has option of requesting emergency stopgap funding

Wafa Amr, spokeswoman of International Monetary Fund (IMF) stated that Egypt has the option of requesting rapid funding under an emergency IMF lending program before reaching a broader loan agreement.
It’s up to Egyptian authorities to decide whether to request support under the fund’s Rapid Financing Instrument, which offers “rapid—but limited—financial assistance to member countries facing an urgent balance of payments need,” she added. “Egypt needs bold and ambitious policy actions to address its economic and financial challenges without further delay.”
According to Bloomberg, the political bickering and tensions plaguing Egypt’s transition since the 2011 uprising have prolonged its bid to secure a $4.8 billion loan from IMF. The country’s international reserves plunged more than 60 percent from their end-2010 levels. Egyptian officials have said the IMF loan is necessary to boost investor confidence and unlock other funds. 

Date : 2013-03-12 02:43:02 Source : Mubasher

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