UAE Pushing WB, IMF to Support Egypt

United Arab Emirates Minister of State Sultan Ahmed al-Jaber, who is currently in Egypt, said his country was pushing World Bank and International Monetary Fund (IMF) officials to extend assistance to Egypt.

The minister’s comments were made at a meeting with Egyptian Finance Minister Ahmed Galal in Cairo.

According to a statement issued by the Egyptian Finance Ministry after the gathering, the minister said he would soon meet top officials of the two international lenders to whom he would express his country’s confidence that Egypt was on the right track.

“The minister said he would stress to officials of both bodies the importance of helping Cairo and having a tangible role in helping the country pass through the transitional phase,” the statement read.

Al-Jaber said that similar sentiments had been conveyed by several UAE officials on more than one occasion “to the extent that some say Egypt has two foreign ministers – one Egyptian and the other Emirati,” the statement read.

The UAE was among the first Arab countries to welcome the July 3 ouster of elected President Mohamed Morsi by Egypt’s powerful military establishment.

It has since pledged $3 billion in aid, including a $1-billion grant and a $2-billion interest-free loan, to support Egypt’s foundering economy during the current transitional period.

Egypt has long been in negotiations with the IMF over a proposed $4.8 billion loan to help shore up its faltering finances. Despite months of talks, however, agreement on the loan’s terms has yet to be reached.

In July, the IMF announced that it would not reengage in loan talks until Egypt’s interim government had secured recognition from the international community.

Source: Anadolu Agency