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Egypt asks World Bank for $1 bn loan for economy
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Egypt asks World Bank for $1 bn loan for economy
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
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
*****************
Being HAPPY doesn't mean everything is perfect.
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Happy Life- VIP Member
- Posts : 514
Join date : 2011-11-16
Re: Egypt asks World Bank for $1 bn loan for economy
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!
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!
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
1alaskan- Elite Member
- Posts : 4668
Join date : 2011-06-21
Age : 41
Location : Planet far far away
Re: Egypt asks World Bank for $1 bn loan for economy
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!!!
CJ
*****************
Inspired by Splovengates "Be ready between sunday and monday night, or maybe tuesday or wednesday, could also be thursday but definitely by friday.... probably next week, monday or late tuesday night, wednesday morning to hear the rv and should be cashing in on the following tuesday the 1st part of january or february. Sooner more than later. But no later than the beginning of 2013. Certainly not before then. Until then, let's enjoy the ride!
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CaptnJerry- Elite Member
- Posts : 991
Join date : 2011-10-10
Age : 53
Location : Texas
Re: Egypt asks World Bank for $1 bn loan for economy
HEY does anyone have a loan app for the imf I could use a loan I only need 10 mil
PrudenceArt- Elite Member
- Posts : 204
Join date : 2011-06-19
Re: Egypt asks World Bank for $1 bn loan for economy
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.
*****************
Being defeated is often a temporary condition. Giving up is what makes it permanent.
Marilyn Vos Savant
Yesterday would have been better, but today is a good day
Remember as always, JMHO
Rantings from just north of sixty
1alaskan- Elite Member
- Posts : 4668
Join date : 2011-06-21
Age : 41
Location : Planet far far away
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