Egypt ‘hopes for IMF deal by end-April’
Cairo, February 28, 2013
Egypt hopes to conclude a deal with the International Monetary Fund for a $4.8 billion loan by the end of April, the investment minister said on Thursday.
"We have hope, God willing, that we can, by the end of April complete the loan," Osama Saleh, the investment minister, told journalists.
Earlier, the state-run newspaper al-Ahram reported that the government would formally invite an IMF team on Thursday to reopen talks on a deal.
Meanwhile, funding problems are forcing Egypt to consider abandoning its regular public tenders that have been a centrepiece of world grain trade for decades.
"This flow is still working, it's just becoming more difficult because of amongst other things the (country's situation with) FX reserves and consequently GASC's access to cash and credit with its own banks," said Valken. -Reuters
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