Go Finance Reporting CAIRO - The International Monetary Fund (International Monetary Fund / IMF) agreed to help fund $ 3 billion Egyptian. On that occasion the IMF also praised the government has managed to stabilize the rebellion which occurred some time ago.
Egypt estimate the funds needed to rebuild his country after the riots to overthrow the government some time ago to reach USD11 billion.
As known, the riots have occurred in the country that triggered massive protests that later ended with the resignation of President Hosni Mubarak in February.
The government, last week approved the use of the budget for the year 2011-2012 which is used as an expenditure to help needy people in the country.
"The first step of the economic program does is to lay the foundation for a more inclusive economic growth led by private sector," the IMF said as quoted by Reuters on Monday (06/06/2011).
"Monetary and exchange rate policy aimed to maintain macroeconomic stability, including by maintaining the level of reserves to ensure that Egypt will have the funds buffer against unexpected things," the IMF added.
Meanwhile, bonds denominated in U.S. dollars that the 10-year maturity date in April 2020 at its lowest since mid-January, reflecting improved investor confidence in the financial state of Egypt.
Before this agreement was announced, Egyptian Finance Minister Samir Radwan says that the IMF disbursed in quarterly installments over 12 months, but Egypt has requested that most of the funds was submitted earlier. "We ask for the largest funds are given at the beginning," said Radwan. (GoFinance)
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