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IMF says it looks forward to successful conclusion of negotiations
The International Monetary Fund (IMF) logo is seen at the IMF headquarters building during the 2013 Spring Meeting of the International Monetary Fund and World Bank in Washington, April 18, 2013. REUTERS/Yuri Gripas
The International Monetary Fund (IMF) said it was making good progress in negotiations with Egyptian officials on a $4.8 billion loan Egypt seeks.
The fund said it was looking forward to solving some technical issues that will lead to the successful conclusion of ongoing negotiations.
"We're making good progress in our technical discussions with the Egyptian authorities, and we look forward to the resolution of the remaining technical issues," the Middle East News Agency reported the IMF’s communications department director as saying.
This would enable us to conclude the negotiations successfully, director Gerry Rice said.
Egypt has been in negotiations with the IMF for about a year to secure a loan which the country believes is vital to aid its struggling economy.
The fund has asked Egypt to increase taxes and decrease its energy subsidies which may exceed 120 billion Egyptian pounds in the 2012-2013 fiscal year.
With its temporary legislative powers, the Shura Council has approved tax increases, but procedures of restructuring fuel subsidies have been stalled.
