Egypt Asks IMF to Delay Loan Due to Turmoil

Wednesday, 12 Dec 2012 05:19 AM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink

CAIRO — Egypt's prime minister says his country has asked the International Monetary Fund (IMF) to delay a $4.8 billion loan it had agreed with Cairo because of political turmoil gripping the country.

Hesham Kandil told a press conference Tuesday the request to the IMF was made after President Mohammed Morsi suspended a program to increase a number of taxes, part of a program to reduce a huge budget deficit.

Kandil said that although the belt-tightening is a must, political disagreements and tensions made suspension of the measures necessary.

Egyptians are to vote on a disputed draft constitution on Saturday, as hundreds of thousands protest against the document. Kandil said continued political instability is further crippling Egypt's already ailing economy.

The IMF executive board was expected to vote on the deal on Dec.19.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Jordanian Jets Strike Vehicles on Syrian Border

Wednesday, 16 Apr 2014 11:26 AM

Jordanian military warplanes struck a convoy of vehicles as they were trying to enter Jordan from Syria, the army said i . . .

Iran Minister: Half of Population at Risk of Water Shortage

Tuesday, 15 Apr 2014 11:12 AM

Water shortfalls may affect half of Iran’s population by this summer if consumption isn’t cut by as much as 20 percent,  . . .

Syrian Army Seizes Ancient Christian Town Near Lebanon Border

Tuesday, 15 Apr 2014 10:26 AM

Syrian soldiers backed by Hezbollah fighters recaptured the town of Maaloula, north of Damascus, on Monday, military sou . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved