Egyptian delegation head to Washington for IMF and World Bank talks
A delegation from Egypt is heading to Cairo for the semi-annual meetings with the IMF and World Bank
Click here to add Ashraf El-Arabi as an alert
Disable alert for Ashraf El-Arabi,
Click here to add Cairo as an alert
Disable alert for Cairo,
Click here to add El-Morsi El-Sayed Hegazy as an alert
Disable alert for El-Morsi El-Sayed Hegazy,
Click here to add Hisham Ramez as an alert
Disable alert for Hisham Ramez,
Click here to add Hosni Mubarak as an alert
Disable alert for Hosni Mubarak,
Click here to add International Monetary Fund as an alert
Disable alert for International Monetary Fund,
Click here to add Washington DC as an alert
Disable alert for Washington DC,
Click here to add World Bank as an alert
Disable alert for World Bank
A high-level delegation of Egyptian officials left Cairo on Wednesday, bound for Washington DC to take part in the semi-annual meetings of the International Monetary Fund (IMF) and World Bank later this week.
Central bank governor Hisham Ramez, Finance Minister El-Morsi El-Sayed Hegazy and Planning Minister Ashraf El-Arabi will join finance ministers and central bankers from around the world gathering at the event.
Hegazy, who is scheduled to take part in an IMF-sponsored discussion on 'The Political Economy of Transition in the Middle East', said before his departure that the Egyptian delegation would take advantage of the global meeting to resume talks with the IMF over a pending $4.8 billion loan to the struggling country.
An IMF technical team left Cairo on Tuesday after two weeks of talks with Egyptian officials yielded no conclusive outcome regarding its loan deal with Egypt.
The IMF cut its 2013 growth forecast for the Egyptian economy to 2 percent in its April 2013 World Economic Outlook report, released on Tuesday, down from the 3 percent initially predicted last October.
The international lender blamed political instability in the country for the subdued growth.
"In Egypt, the uncertainty generated by a protracted political transition has held back growth and led to an increase in fiscal and external imbalances," the WEO report read.
Egypt has been rocked by successive waves of political unrest, since a popular revolution overthrew the thirty-year-old regime of former president Hosni Mubarak in 2011.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow
- Morsi fires finance minister ahead of IMF talks
- World Bank's International Finance Corp planning Egyptian currency swaps
- 'Global growth subdued' and 'US headed towards to danger', says IMF, World Bank
- Iranian Minister: Washington financing unrest
- MoF organises a reception for UAE banks at the sidelines of the annual meetings of the IMF and World Bank in Washington