Investment Minister Ashraf Salman has revealed that the government is studying the possibly to demand financial support from the International Monetary Fund after the Egyptian Economic Development Conference in March, according to newspaper Almal.
The newspaper quoted Salman as saying, "Borrowing from the IMF is possible especially after the IMF’s positive report over the Egyptian economic reforms and the CBE’s monetary reforms."
The IMF’s report, published a week age showed that the Egyptian economic reforms will increase economic growth by 5 percent on the medium term and decrease unemployment by 10 percent during the coming five years.
Furthermore, the report stated that the Central Bank of Egypt’s monetary reforms will reduce inflation to 7 percent by 2018/19 and the budget deficit to 8 percent.
The finance minister had announced last November that the government was considering borrowing from the IMF in 2015 to pay its dues of foreign oil operators, to be completed by the end of current fiscal year 2014/15. Around 60 percent would be repaid before March 2015 while the rest would be repaid before June 2015
