IMF visit to Cairo announced

Egyptian Prime Minister Hisham Kandil Cairo – Akram Ali Egyptian Prime Minister Hisham Kandil announced the International Monetary Fund delegation will arrive next week following the Eid Al-Fitr feast to resume negotiations of the $3.2 billion loan proposed for Egypt. Kandil said at a celebration of the government’s signing of a $200 million loan from the Social Fund for Development that a delegation from the US would arrive in Egypt at the end of August to discuss ways of supporting the Egyptian economy in the coming period. Kandil added that Egypt has many opportunities for investment unlike what some propagate and that there are many studies around this issue. The prime minister confirmed that donors will find many projects ready to be implemented and asserted the government will keep the president’s promises of “bread, freedom and social justice,\" a motto from the January 25 revolution in 2011. Egypt had entered serious negotiations with the IMF for a $3.2 billion loan to support the Egyptian economy after the revolution.