IMF board to review Egypt's economic program within weeks

The International Monetary Fund (IMF) board will review Egypt's economic program within the coming weeks, a senior IMF official said.

In an interview with the Saudi-owned newspaper Asharq al-Awsat, Masood Ahmed, Director of the Middle East and Central Asia Department at the IMF, said Egypt is a powerful state and the IMF will help in the implementation of this purely-Egyptian economic program.

He expounded that Egypt faces some problems that should be settled.

He added that the economic program is meant to shrink budget deficit and debts, improve hard currency market, lure foreign and local investments and up growth rate.

Egypt has announced an initial agreement to borrow dlrs 12 billion over three years from the IMF.