CAIRO: Minister of Finance Hani Qadry Demian announced inviting the International Monetary Fund before the end of the current year to evaluate the financial status of the Egyptian Economy and review how secure the Egyptian economy is, Youm7 reported.
“IMF regulations state that members are obligated to present periodical reports about the economic status and the rate of economic safety,” he said, pointing out that even European countries and the U.S. are obliged to present such reports.
In his speech, Demian denied any held talks of what is claimed by the media outlets to benegotiation with the IMF for getting a $10.4 billion loan needed for flourishing the economy during the forthcoming period, unveiling that the Egyptian government will be keen on reaping the fruits that the IMF and the World Bank have to offer through its membership in the two entities.
Demian ruled out the idea of heading to the IMF in order to receive loans, arguing that economic situations have been improved after the June 30 revolution by Arab countries’ aid and loans, the past economic reform measures and the past development in Egypt’s sovereign revenues (tourism and exports), Veto gate reported Monday.
During ousted president Mohammed Morsi‘s reign, Egypt and the IMF held sporadic negotiations for a $4.8 billion loan to support the economy since the January 25 Revolution in 2011, which caused a harsh decline in Egypt’s stated revenues.
Rationing the subsidy programs and implementing economic reforms were among the conditions set by the international body.
Masood Ahmed, director of the IMF for the Middle East and Central Asia Department praised Egypt’s latest economic reform steps including hiking oil prices, amending electricity categories along with modifying tax systems, state-owned MENA reported in early August.
“Egypt has applied hard and brave economic reforms in recent weeks,” adding that “if the fund’s program is applied in Egypt, it would give signals to international institutions that the situation is stable to carry out other programs, it reported.