IMF LOAN:
The International Monetary Fund (IMF) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF's stated goal was to stabilize exchange rates and assist the reconstruction of the world’s international payment system post-World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily. Through this activity and others such as surveillance of its members' economies and policies, the IMF works to improve the economies of its member countries.[1] The IMF describes itself as “an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”[2] The organization's stated objectives are to promote international economic cooperation, international trade, employment, and exchange rate stability, including by making financial resources available to member countries to meet balance of payments needs.[3] Its headquarters are in Washington, D.C., United States.
The offer comes after delays in finalizing a borrwing of $4.8 billion in order to bolster the country’s battered economy
CAIRO (AP) — Egypt’s finance minister says the government has rejected an offer of a $750 million rescue loan from the International Monetary Fund.
The offer came after delays in finalizing a $4.8 billion loan to bolster Egypt’s battered economy.
Finance Minister Mursi Saeed Hijazi says Egypt is working on an economic reform program and is focused on negotiations for the larger IMF loan, explaining why Egypt declined the $750 million IMF rescue.
He said Tuesday that Egypt’s economy is on the path to recovery.
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