Momtaz El-Saeid: Negotiations with IMF are Progressing

Minister of Finance Momtaz El-Saeid said the current negotiations with the International Monetary Fund (IMF) mission which is currently visiting Cairo on extending to Egypt a loan worth USD 4.8 billion are progressing. He dismissed as incorrect reports that these negotiations are faltering. The Minister said the government is negotiating with the IMF mission on the State budget revenues which he described as promising. Minister Saeid noted that these figures give the IMF mission the impression that the Egyptian economy will recover and that the loan can be repaid according to schedule.