Embassy of Egypt in Beijing

Ambassador : H.E.Mr.Ahmed Rezk M. Rezk
Full name: Arab Republic of Egypt
Population: 82.5 million (UN, 2011)
Capital: Cairo
Area: 1 million sq km (386,874 sq miles)
Major language: Arabic
Major religions: Islam, Christianity
Life expectancy: 72 years (men), 76 years (women) (UN)
Monetary unit: 1 Egyptian Pound = 100 piastres
Main exports: Petroleum, petroleum products and cotton
GNI per capita: US $2,440 (World Bank, 2010)
Internet domain: .eg
International dialling code: +20

IMF Loan Shows Country's Economy Can Recover 2012-09-07

 

 

Egypt: IMF Loan Shows Country's Economy Can Recover

The International Monetary Fund (IMF)'s loan to Egypt illustrates the faith of an international organization in Egypt's ability to recover, said presidency spokesman Yasser Ali on Sunday.

Egypt requested a $4.8 billion loan from the IMF on Wednesday, sparking wide debate and criticism.

In a Facebook post, Ali described the loan as a testimony to investors and funding bodies that Egypt's economy is ready to work with international organizations and attract investments.

Ali added that it was indispensable to request the loan "without unjust conditions", a long grace period and low debt service of 1.1 %, stressing nevertheless on the general agreement to refrain from requesting loans unnecessarily.

He clarified that President Mohamed Mursi's presidential vision was the only one that included a whole chapter on funding, displaying different types of funding, including expanding the transformation of loans into aides.

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