{"id":436464,"date":"2011-06-06T06:00:00","date_gmt":"2011-06-06T06:00:00","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/"},"modified":"2011-06-06T06:00:00","modified_gmt":"2011-06-06T06:00:00","slug":"egypt-seals-3bn-imf-accord","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/","title":{"rendered":"Egypt seals $3bn IMF accord"},"content":{"rendered":"<p><div>\n<span id=\"fullgist\"\/><\/p>\n<p><span>CAIRO: The International Monetary Fund agreed a $3bn financing deal with Egypt on Sunday and praised the policies of an interim government struggling to stabilise the economy after the popular uprising.<\/span><\/p>\n<p><span>Egypt has been seeking funds to plug an estimated $10bn to $12bn balance of payments gap in the wake of the upheaval that toppled the government in February, according to a Reuters report on Sunday.<\/span><\/p>\n<p><span>Anger at a growing rich-poor divide in the country of 80 million helped spark the mass demonstrations that toppled President Hosni Mubarak in February.<\/span><\/p>\n<p><span>The government last week approved a budget for the 2011 to 2012 financial year that increases spending by a quarter, partly to help the poor.<\/span><\/p>\n<p><span>\u201cThe authorities\u2019 economic program is a first step to laying the foundation for a more inclusive private sector-led economic growth,\u201d the IMF said in a statement.<\/span><\/p>\n<p><span>It agreed with the government that some reforms could not be pushed through straight away as work was still needed to ensure an effective safety net to protect low-income households.<\/span><\/p>\n<p><span>\u201cMonetary and exchange rate policies will aim at maintaining macroeconomic stability, including by preserving a comfortable level of reserves to ensure that Egypt will have a buffer against unanticipated shocks,\u201d the IMF said.<\/span><\/p>\n<p><span>The yield on a 10-year US dollar-denominated Egyptian government bond that matures in April 2020 was at its lowest since mid-January, reflecting improved investor confidence in Egypt\u2019s state finances.<\/span><\/p>\n<p><span>Before the agreement was announced, Finance Minister Samir Radwan had said the IMF funds would be disbursed quarterly under a 12-month agreement, but that Egypt had asked that a large portion of the funds be delivered early.<\/span><\/p>\n<p><span>\u201cWe are asking that an important part of it be loaded up front,\u201d Radwan said by telephone.<\/span><\/p>\n<p><span>IMF standby arrangements typically stipulate repayment within 3-1\/4 to five years.<\/span><\/p>\n<p><span>Cairo has been asking international donors and lenders for financial help after the protests that ended Mubarak\u2019s 30-year rule scared away tourists and investors, two of its main sources of foreign exchange.<\/span><\/p>\n<p><span>The crisis has cut into the government\u2019s revenue from taxes at a time of increasing demands on expenditure, which include calls for higher wages from state employees and a pressure to raise subsidies on basic commodities.<\/span><\/p>\n<p><span>The agreement would have to be submitted to the IMF board and to Egypt\u2019s cabinet and its ruling military council before it came into effect, Radwan said.<\/span><\/p>\n<\/div>\n<\/p>\n<p>Visit site:<br \/>\n<a target=\"_blank\" href=\"http:\/\/www.punchng.com\/Articl.aspx?theartic=Art201106062335659\" title=\"Egypt seals $3bn IMF accord\" rel=\"noopener noreferrer\">Egypt seals $3bn IMF accord<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> CAIRO: The International Monetary Fund agreed a $3bn financing deal with Egypt on Sunday and praised the policies of an interim government struggling to stabilise the economy after the popular uprising. Egypt has been seeking funds to plug an estimated $10bn to $12bn balance of payments gap in the wake of the upheaval that toppled the government in February, according to a Reuters report on Sunday. Anger at a growing rich-poor divide in the country of 80 million helped spark the mass demonstrations that toppled President Hosni Mubarak in February. <\/p>\n","protected":false},"author":0,"featured_media":424443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":{"0":"post-436464","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-local-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Egypt seals $3bn IMF accord - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Egypt seals $3bn IMF accord - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"CAIRO: The International Monetary Fund agreed a $3bn financing deal with Egypt on Sunday and praised the policies of an interim government struggling to stabilise the economy after the popular uprising. 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Anger at a growing rich-poor divide in the country of 80 million helped spark the mass demonstrations that toppled President Hosni Mubarak in February.\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Egypt seals $3bn IMF accord\",\"datePublished\":\"2011-06-06T06:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/\"},\"wordCount\":405,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Local News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/\",\"name\":\"Egypt seals $3bn IMF accord - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2011-06-06T06:00:00+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Egypt seals $3bn IMF accord - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/","twitter_card":"summary_large_image","twitter_title":"Egypt seals $3bn IMF accord - Ghanamma.com","twitter_description":"CAIRO: The International Monetary Fund agreed a $3bn financing deal with Egypt on Sunday and praised the policies of an interim government struggling to stabilise the economy after the popular uprising. Egypt has been seeking funds to plug an estimated $10bn to $12bn balance of payments gap in the wake of the upheaval that toppled the government in February, according to a Reuters report on Sunday. Anger at a growing rich-poor divide in the country of 80 million helped spark the mass demonstrations that toppled President Hosni Mubarak in February.","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/"},"author":{"name":"","@id":""},"headline":"Egypt seals $3bn IMF accord","datePublished":"2011-06-06T06:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/"},"wordCount":405,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage"},"thumbnailUrl":"","articleSection":["Local News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/","url":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/","name":"Egypt seals $3bn IMF accord - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage"},"thumbnailUrl":"","datePublished":"2011-06-06T06:00:00+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2011\/06\/06\/egypt-seals-3bn-imf-accord\/#primaryimage","url":"","contentUrl":""},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/436464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=436464"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/436464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/424443"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=436464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=436464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=436464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}