New finance minister meets with US ambassador

The country is on the road to economic recovery, thanks to the help of highly efficient economic experts who can help boost production, said newly appointed Finance Minister Morsy Hegazy on Friday.

This statement came after a meeting with US Ambassador Anne Patterson, who met with the minister to congratulate him on his new position and discuss the International Monetary Fund loan.

Hegazy said he was confident the nation would make it through this turbulent transitional phase and successfully complete its democratic transformation.

Negotiations for the US$4.8 billion loan are not yet complete, and an IMF mission will visit Cairo soon to continue talks, Hegazy said. They would discuss the Cabinet’s proposed economic and social reforms, and particularly how they would impact low-income segments of society, he added.

In the meeting, Patterson stressed that Egypt has the full support of the US, and said that businesspeople and companies of both countries have the opportunity to launch joint development projects to enhance economic relations

The country has promising economic capabilities that will help it to overcome the current difficult stage, Patterson said, adding that the IMF loan would assist in that process.

Edited translation from MENA

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