Dr Hesham Kandil, Egyptian Prime Minister, started talks with Christine Lagarde, Chief of International Monetary Fund (IMF), about $3.2 billion loan.
The ministers of the economic group, a delegation of the fund represented by Dr Abdel Shakour Shalaan- a representative of IMF in Middle East, and Masoud Ahmed, director of fund’s operations in Middle East and Asia, are participating in the talks.
A reliable source said the talks will tackle the government’s plan of activating the economic performance during the forthcoming period, the loan’s conditions which Egypt heads to get, and reaching an agreement between the fund and Egypt, by which the interest rates amounts to 1.1% and to be paid on three tranches.
The PM will hold a press conference at 2PM with the IMF Chief, Christine Lagarde, in the cabinet’s headquarters, to discuss the details of the talks, as Egypt aims at raising the loan’s value from $3.2 billion to $4.8 billion.
Later on President Morsi will receive the IMF Chief, in the presidency’s headquarters, to discuss the Egyptian economic reform program and plan which has been set by the government to activate the economic performance during the coming period. Moreover, they will discuss the loan which Egypt wil get in order to support the cash reserve in the Central Bank of Egypt, according to the statements of Dr Yasser Ali, the presidential spokesperson.
