A senior official at the International Monetary Fund (IMF) has said he expects the body's Executive Council to make a final decision in the next two weeks regarding Egypt's pending US$12 billion loan.
Masoud Ahmed, who is director of the IMF's Middle East and Central Asia department, also expressed his optimism and confidence in the strength of the Egyptian economy.
The loan, which is expected to extend over three years, is linked to a program of economic reforms to be implemented by the Egyptian government.
Masoud told Al-Masry Al-Youm that the program aims to improve the functioning of money markets and improve monetary policy by integrating the IMF funding with the policies of the Central Bank of Egypt (CBE). The monetary polices, said Masoud, are aimed at solving the foreign currency shortage while reducing the government's budget and the public deficit.
The government's economic plan aims at similtaneously increasing economic growth rates while strengthening the social security system to protect those on low incomes, Masoud said.
The program aims to reduce government debt by 88 percent, he added, with cuts in the budget deficit achieved through increased revenues and adjustments to spending priorities. The government will give additional emphasis to spending on high-priority fields, such as infrastructure, social insurance, education and health.
The government is planning to launch a national media effort aimed to promoting the economic reforms linked to the IMF funding, with the first wave expected in two weeks.
