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 Egypt asks World Bank for $1 bn loan for economy

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PostSubject: Egypt asks World Bank for $1 bn loan for economy   Thu Feb 02, 2012 2:28 pm

Egypt asks World Bank for $1 bn loan for economy

By Staff Reporter
AFP Global Edition

Feb 02, 2012 13:18 EST

Egypt has asked the World Bank for a $1.0 billion loan to help it rebuild its economy, the Bank said Thursday.



<br/>






The Bank said it had received an official request from Cairo for a development policy loan, and that it would open discussions now to "work out the details."
Last month Egypt entered discussions with the International Monetary Fund
for a separate financing, reportedly as much as $3.2 billion, to help
it bridge fiscal shortfalls as it attempts to recover from the political
upheaval of the past year.
After the overthrow of longtime strongman president Husni Mubarak
in February 2011, continued turmoil on the streets resulted in wiping
out much of the country's all-important tourism earnings and damaging
other business sectors as well.
But the country, apparently
uncomfortable with the tough conditions that could come with it, avoided
seeking financing from the two Washington-based lenders.
After
a visit to Egypt by an IMF team in January, the Fund said Cairo was
seeking to build a political consensus to accept a much-needed IMF
support program.
"Egypt's economy, despite its solid and sound
fundamentals, is facing a number of difficult challenges, which have to
be addressed through an economic program that safeguards macroeconomic
stability and creates conditions for a strong recovery," IMF Middle East director Masood Ahmed said on January 18.
"The
program developed by the Egyptian authorities and its key policies are
currently being discussed with emerging political parties to ensure
broad political support," he said in a statement.
"This should help reduce uncertainty and boost confidence in the program's successful implementation."




Source:

AFP Global Edition

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PostSubject: Re: Egypt asks World Bank for $1 bn loan for economy   Thu Feb 02, 2012 6:35 pm

Let me get this right,

We are going to take a country that for most of the last 30 years, has been running ok, not geat in all areas, but ok, and we are going to tear it apart and then ask the world to help rebuild it with a billion dollars of someone elses' money?

Makes sense to me!

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PostSubject: Re: Egypt asks World Bank for $1 bn loan for economy   Thu Feb 02, 2012 6:43 pm

@1alaskan wrote:
Let me get this right,

We are going to take a country that for most of the last 30 years, has been running ok, not geat in all areas, but ok, and we are going to tear it apart and then ask the world to help rebuild it with a billion dollars of someone elses' money?

Makes sense to me!

That's how Donald Trump would do it!!! bigsmile

CJ

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PostSubject: Re: Egypt asks World Bank for $1 bn loan for economy   Thu Feb 02, 2012 6:51 pm

HEY does anyone have a loan app for the imf I could use a loan I only need 10 mil
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PostSubject: Re: Egypt asks World Bank for $1 bn loan for economy   Thu Feb 02, 2012 6:51 pm

I think he would try to get a bank to front the money, with the intention to pay it back, The folks in Egypt have nointention on paying back the money, IMO.

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