March 13, 2013
Stop me, I might bite off my finger.
Although given US influence in IMF and US paranoia about Egypt, this is not entirely ridiculous, it should be: Egypt rules out IMF emergency finance - FT.com
Egypt rules out IMF emergency finance
By Heba Saleh in Cairo
In an apparent attempt to exert pressure on the International Monetary Fund, Egypt has ruled out seeking emergency finance from the fund and said it still wants to secure a $4.8bn loan agreement.
Egypt is in free fall, has rather little hard currency oxygen left.
Balance of payment support has become urgent in recent weeks as the country, which imports a large proportion of its food and fuel, has depleted two-thirds of its foreign reserves. Those now stand at $13.5bn, slightly less than the critical level of three months’ import cover.
Well, if the Ikhouan want free money, they should ask Qatar.
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Even rentier states should diversify.
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Posted by: almodrg at November 24, 2013 05:04 AM