Egypt Committed To IMF Talks – New Finance Minister

Egypt is committed to completing negotiations with the International Monetary Fund to secure a $4.8 billion loan, its new finance minister said on Sunday, a day before an IMF visit to discuss a deal vital to the country’s economy.

A senior IMF official is due in Cairo on Monday to meet Egyptian leaders over the deal, which was postponed last month to give Egypt more time to defuse political tensions before introducing unpopular austerity measures.

Cabinet sources said on Saturday that President Mohamed Morsi had fired his finance and interior ministers after promising a government reshuffle to assuage public anger at an economic crisis.

The new finance minister Al-Mursi Al-Sayed Hegazy, who has beeh sworn in by Morsi later on Sunday, told journalists he was “completely ready to complete discussions with the International Monetary Fund”.

Hegazy, who made his remarks after meeting Prime Minister Hisham Kandil, is a little-known economist based at Alexandria University and a specialist in Islamic finance.

He is not a member of Morsi’s Muslim Brotherhood, though Egyptian media described him as close to the group.

A  total of 10 new ministers have been sworn in on Sunday noon for portfolios including electricity, environment, communications and transport.

Reuters