• Labour Wrap

    Terry Bell says the labour movement in SA is currently in a state of confusion.

  • Will the NPA stand up?

    Solly Moeng wonders if the NPA head will reinstate criminal charges against president Zuma.

  • Commodity currency

    Jac Laubscher asks if the true exchange rate of the rand is really a cue from commodity prices.

All data is delayed
Loading...
See More

IMF deal to prop up Egypt's economy

Jan 06 2013 13:06
Reuters
Cairo - Egypt is committed to completing negotiations with the International Monetary Fund to secure a $4.8bn loan, its incoming finance minister said on Sunday, a day before an IMF visit to discuss a deal vital to the country's economy.

A senior IMF official is due in Cairo on Monday to meet Egyptian leaders over the deal, which was postponed last month to give Egypt more time to defuse political tensions before introducing unpopular austerity measures.

Cabinet sources said on Saturday that President Mohamed Mursi had fired his finance and interior ministers after promising a government reshuffle to assuage public anger at an economic crisis.

Incoming finance minister Al-Mursi Al-Sayed Hegazy, who is due to be sworn in by Mursi later on Sunday, told journalists he was "completely ready to complete discussions with the International Monetary Fund".   

Hegazy, who made his remarks after meeting Prime Minister Hisham Kandil, is a little-known economist based at Alexandria University and a specialist in Islamic finance.

He is not a member of Mursi's Muslim Brotherhood, though Egyptian media described him as close to the group.  

State news agency MENA said a total of 10 new ministers would be sworn in on Sunday for portfolios including electricity, environment, communications and transport.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

imf  |  economy

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...