Egypt's election delay could harm IMF loan
Delays to the Egyptian election process could delay a long-awaited $4.8 billion loan from the IMF, an economists has warned
Click here to add Cairo as an alert
Disable alert for Cairo,
Click here to add Citi as an alert
Disable alert for Citi,
Click here to add Farouk Soussa as an alert
Disable alert for Farouk Soussa,
Click here to add International Monetary Fund as an alert
Disable alert for International Monetary Fund,
Click here to add John Kerry as an alert
Disable alert for John Kerry,
Click here to add Mohamed Amr as an alert
Disable alert for Mohamed Amr,
Click here to add Mohamed Morsi as an alert
Disable alert for Mohamed Morsi,
Click here to add UN Court as an alert
Disable alert for UN Court
Delays in the Egyptian election process mean a $4.8 billion loan from the IMF may go on the backburner, an economist said Wednesday.
An Egyptian administrative court said Wednesday it was referring an election law to a constitutional court for review. The court said Egypt's upper house of Parliament made amendments to the law without referring back to a high constitutional court.
Farouk Soussa, an economist for Citi, told the Egyptian Independent newspaper the dispute may jeopardize the loan from the International Monetary Fund.
Egypt's economic challenges are deepening by the day, while the prospects of addressing these seemingly diminish at an equally alarming rate, he said.
Egyptian President Mohamed Morsi changed the election date to accommodate Easter celebrations in late April under the Coptic Christian calendar.
Kerry said he was in Cairo to listen to suggestions on what Egyptian leaders needed to realize their post-revolutionary ambitions.
It is important, even urgent, that the Egyptian economy gets stronger and that people have jobs and have opportunity and that the energy of this country can be focused on a more prosperous future, Kerry said.
- Will terror attacks damper Arabs' appetite for European holidays?
- So cool it's hot: Saudi Arabia's $3.2B HVACR market driven by construction boom
- US, EU protectionist policies may be a blessing in disguise for GCC suppliers
- Dubai to Doha: How far can you stretch your dirham?
- OPEC's poor history of compliance will make production cut deal a challenge