Egypt proposes reform plan to IMF

Egypt proposes reform plan to IMF

Egypt proposes reform plan to IMF CAIRO: Three Egyptian dailies said on Monday that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed.

The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at odds over the size of a proposed devaluation of the Egyptian pound and the timetable for implementing some of the more politically sensitive reforms, like reducing or removing state subsidies on fuel, electricity and food staples.

According to the papers, the International Monetary Fund has rejected Egyptian requests for a delay or a staggered implementation of some of the proposed reforms.

Source: http://www.dawn.com/news/1276243/egypt-proposes-reform-plan-to-imf

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