Egypt in need of more aid, says IMF
Washington, April 13, 2014
Egypt will need further international assistance to put its economy back on track despite receiving huge loans from Gulf states, the IMF said.
"Egypt will need financial support which could come from its partners in the Gulf or, if the government wants that, from the IMF and from other international financial institutions," Christopher Jarvis, the International Monetary Fund's (IMF) Egypt mission chief, said.
The IMF had been in talks on a $4.8 billion bailout package for Egypt, but the discussions broke off last year due to political instability after the military overthrew elected president Mohamed Mursi.
Saudi Arabia recently announced a $5 billion support package for Egypt before the country holds May 26-27 elections in which retired army chief Abdel Fattah Al Sisi is seeking to be president. Kuwait and the UAE, have together promised $7 billion.-Reuters