Hesham Kandil: IMF Loan Depends On New PA Decision

Egypt’s Prime Minister, Hesham Kandil, has inaugurated Monday morning Beltone Financial’s Annual Investment Conference, in the presence of Osama Saleh, Minister of Investment, Dr Mohamed Omran – Chairman of the Egyptian Exchange (EGX), and Dr Ashraf El Sharkawy, Chairman of the Egyptian Financial Supervisory Authority (EFSA).

The PM started his keynote speech by emphasizing that the current government is working one achieving  the 3 themes of 25 January Revolution which took place in 2011. They are bread, freedom and social justice. He said he came to this conference to challenge the attendees to contribute to the success of the revolution

“This gather is to help the revolution success, hand in hand to boost growth”.

Kandil elaborated that the democratic system in Egypt became in a good shape after the revolution. This emerged by electing the first civilian president, and choosing an accountable government. This government is able to take decision, take care of improving education and infrastructure, “hand in hand to enhance Egypt’s economy” Hesham Kandil said.

The PM discussed the budget deficit issue. Kandil said that to resolve the budget deficit is to cut the expenses and borrow more junk of money this year to make balance the coming year. This solution will help in supporting the infrastructure in Egypt, and provide educational improvements by building more schools.

On the other hand, Hesham Kandil said the loan of the International Monetary Fund (IMF) depends on the decision of the coming parliament.

Kandil showed some numbers indicate to the improvement of the economy, such as the rate of risks decreased by 2.5% last June, as this refers to great improvement of the Egyptian economy. Furthermore, the cost of issuing bonds declined from 1.5 to 205 %. He referred that these indicators are of well-known global financial institutions; showing the economic and political system in Egypt is on the right path.