Talks with the International Monetary Fund (IMF) are to be resumed within the next few weeks;

Measures are taken to utilize special funds accounts to support the unified budget account in the Central Bank.

The government is exerting continuous efforts to activate the aid program declared by several donor and friend countries. The efforts include Egyptian Finance Minister Momtaz al-Saeed’s meeting with the European Union Ambassador to Cairo, Marco Franco, and World Bank's Country Director for Egypt, Yemen and Djibouti, David Craig, to discuss the financing package provided by the EU and the WB to Egypt in addition to a number of subjects and files on the economic developments in Egypt.

The EU, the Finance Minister has revealed, is preparing a financial aid package of USD 650 million to supplement another financial package to be offered to Egypt by the EU to bridge the financial gap faced by the Egyptian economy in the post 25^th Jan. Revolution period.

The WB officials are committed to offer Egypt urgent financial aid of USD 500 million in addition to the USD 2 billion the Bank is to provide Egypt in two sections over a period of two years as pledged by WB President, Robert Zoellik in the Deauville meeting last year.

Talks of the Egyptian Finance Minster with the WB official have also covered reviewing the status of some projects which enjoy contributions from the Bank such as the solid waste recycling which will make available several job opportunities and have positive effects on the environment protecting it from pollution. Moreover, the talks dealt with the report to be issued by the Bank on the business environment in Egypt, including several indicators that measure the efficacy of the private sector performance and cover, among other things, obtaining licences and tax reports.

Talks between Egyptian and the WB should continue soon to provide Egypt with financial aid to support its economic reform program targeting a return of the economy to its natural course, through a number of short and medium term procedures. These aim at boosting growth rates and reducing both the general budget deficit and the general debts to restore their descending course.

The Minister said Egypt is currently facing a number of challenges because of the delay of the aids promised by friendly countries pending the results of the agreement between Egypt and the IMF.

He further asserted that the topic of the special funds accounts is under review with the purpose of finalising measures to make these funds support the Finance Ministry accounts in the Central Bank integrating them in the unified treasury account.

(Source:Ministry of Finance)