Abul-Naga Confirms IMF's Confidence in Country's Economy

Planning and International Cooperation Minister Fayza Abul-Naga affirmed that the approval of the International Monetary Fund IMF to give Egypt $ 3.2 billion without conditions is a positive message for the ability of the Egyptian economy to recover as early as possible.

The minister added that negotiations are going on with IMF to receive a $ 200 million loan to finance the second stage of the sanitary drainage project in four governorates, Almenaoufia, Sharkiya, Assuit and Sohag.

The government is giving priority to complete some open projects by the end of the present fiscal year, through paying off the dues of contractors and not to start new projects before paying off their dues.

Abul-Naga added the Egyptian debts which put at $ 34 billion is in the safe area, as we are following a strict policy in receiving loans since the year 2000 and are paying off all debts deferred payments and services on time. She added even the United States is regarded the largest country receiving loans.