Egypt to finalize talks on IMF loan

Egyptian Prime Minister Hisham Qandil said Egypt will finalize talks on the International Monetary Fund (IMF) loan in January, local TV reported Sunday."We hope that there will not be any fundamental changes in our plan with the IMF which covers 4.8 billion U.S. dollars," said Qandil. "Egypt will never be bankrupt," said Qandil, stressing that it is only some Egyptian companies, not the country, that are exposed to bankruptcy.The prime minister added that economic problems are the top priorities of the Egyptian government, and it requires swift procedures to get speedy solutions.
The budget deficit is the most serious economic problem due to the gap between income and expenditure, added Qandil, noting that political problems which caused investors to flee are the main reason behind the economic problems.PM Qandil, who made the remarks at a press conference, asserted that the purpose of the conference is to announce a national initiative for economic reform.
"There are big challenges in all sectors, which is the nature of any transition period," said Qandil, noting that the solution is to improve the services, provide more job opportunities, and encourage investment.
He added that the government has adopted some measures to solve the economic problems, including raising the prices of some commodities, but the increases would not affect the basic commodities like food and fuel.
Qandil affirmed that the poor people would not be influenced by the price hike since subsidies would reach the poor.

Egyptian President Mohamed Morsi delivered a speech Saturday, attempting to reassure Egyptians about the economic situation and downplaying concerns over the current level of foreign currency reserve.
Qandil also reiterated in his statements the importance of social dialogue to reach good suggestions and create plans to execute projects.