A customer counts his U.S. dollar money in a bank in Cairo, Egypt March 10, 2016. REUTERS/Amr Abdallah Dalsh
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Egypt is preparing to start loan talks with the International Monetary Fund, a senior government official said, as the country seeks to tackle a dollar shortage that's hampering economic growth.Central Bank Governor Tarek Amer said it's "not true" that the country plans to approach the IMF, according to Cairo-based news website Aswat Masriya.An IMF loan program may help Egypt restore investor confidence and unlock more aid to plug a budget deficit that may reach 11.5 percent of economic output this fiscal year.Borrowing from the IMF has traditionally been a contentious political issue in Egypt. An IMF deal would improve investment and capital flows into Egypt, said Reham El-Desoki, senior economist at Dubai-based investment bank Arqaam Capital.The fund has argued that Egypt would benefit from a more flexible foreign-exchange regime.
FOLLOW THIS ARTICLE