Egypt will probably restart loan talks with the International Monetary Fund as Gulf Arab allies say they need partners to help revive the struggling economy, according to the country’s biggest investment bank.
Egypt’s economy may need a stimulus package to help create jobs, Finance Minister Samir Radwan said today, after President Hosni Mubarak bowed to pressure from hundreds of thousands of protesters and stepped down.
Egypt’s Finance Minister Samir Radwan said the stock market will stabilize this week as the government makes 250 million Egyptian pounds ($42 million) available to buy shares, after the index dropped to the lowest level in almost two years following a seven-week halt.
Egyptian President Hosni Mubarak , facing unprecedented protests calling for his ouster, appointed a new Cabinet and named Samir Radwan , a former senior economist at the International Labor Organization, as finance minister.
Egypt turned down International Monetary Fund loans that would have helped the economy because the lender was seen as tainted by concessions demanded of past borrowers, former Finance Minister Samir Radwan said.
Egypt doesn’t need to borrow from the International Monetary Fund and World Bank “at the moment” after it cut its budget-deficit goal for the fiscal year starting July 1, Finance Minister Samir Radwan said.
Egypt needs help financing its budget deficit and has discussed obtaining as much as $6.2 billion in soft loans from the World Bank and the International Monetary Fund , Finance Minister Samir Radwan said.
Ashraf Abdel-Wanis had plenty of reasons to join tens of thousands of fellow Egyptians in their successful push to oust President Hosni Mubarak . At 39, he last worked five years ago in a sugar factory and now gets by mainly on his wife’s $50 monthly salary and his mother’s pension.