IMF says stands ready to support Egypt

Featured

Heat wave, warnings against sun exposure

Heat wave Thursday, warnings against sun exposure

Meteorologists project the beginning of a heat wave on Thursday, with temperatures expected to rise by eight to nine...

$President Mohamed Morsy speaks to the press at the Almaza airforce base after the release of the seven Egyptian soldiers on 22 May 2013\$

Morsy urges dialogue, calls on militants to turn in weapons

Egyptian President Mohamed Morsy has called on political powers and Egyptians to engage in dialogue and on militants...

A janitor sprays disinfectant at empty chicken cages in a traditional market in New Taipei city April 29, 2013. REUTERS/Pichi Chuang

China's bird flu outbreak cost $6.5 billion

The H7N9 virus appears to have been brought under control in China largely due to restrictions at bird markets,...

An Egyptian army vehicle keeps its position close to the Rafah border crossing with the Hamas-run Gaza Strip

Wednesday’s papers: Sinai kidnapping dominates headlines, power cuts provoke anger

Sinai kidnapping crisis continues to generate headlines in both Wednesday’s state-owned and independent dailies...

Hamas policemen stand in front of Egyptian soldiers as they prevent Palestinians from coming close to the iron gate of Rafah border crossing with Egypt in the southern Gaza strip, June 4, 2011. Egyptian officials at the border with Gaza barred Palestinians from crossing, but later allowed them passage out of Egypt only,

Egypt reopens Rafah crossing following release of kidnap victims

The Rafah border crossing between Egypt and the Gaza Strip reopened on Wednesday morning after five days of closure,...

Power outage at Cairo airport

Power went out more than once at the Cairo International Airport on Wednesday, causing some X-ray machines to go out of...

IMF says stands ready to support Egypt

On

Tue, 26/06/2012 - 16:30

Printer-friendly versionSend to friend

Prev Next Pause Play

Reuters

The International Monetary Fund said on Tuesday it stands ready to support Egypt in dealing with its "significant immediate economic challenges" in the wake of its presidential election.

"Egypt faces significant immediate economic challenges, especially the need to restart growth and address the fiscal and external imbalances," an IMF spokesperson said in a statement. "The IMF stands ready to support Egypt in dealing with these challenges and looks forward to working closely with the authorities."

The lender called the election of the Muslim Brotherhood's Mohamed Morsy "an important step" in the nation's transition. Brotherhood officials have said they plan to pick up from the previous government's stop-start negotiations for a US$3.2 billion IMF loan.