Feb 11 2012 |
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Egypt Min: Country Needs $11B To Finance Economic Reform Prog -Report
Saturday, Feb 11, 2012
BEIRUT (Zawya Dow Jones)--Egypt needs nearly $11 billion to finance its economic reform program for the current and next fiscal year, Cairo-based Al Ahram daily reports Saturday, citing Finance Minister Mumtaz El Saeed.
Saeed also said that his country is expected to resume consultations with the International Monetary Fund, or IMF, soon, the paper reports.
An Egyptian minister said in January that they had asked the IMF for a loan of $3.2 billion to finance the country's budget deficit.
The program includes, among other things, introducing value added tax, and offering plots of state land for sale to Egyptian expatriates, and these sales would generate between $14 billion and $15 billion within four years, he said according to Al Ahram.
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
11-02-12 1130GMT
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