Egypt: IMF deal not endangered by political unrest

World November 29, 2012

Egypt: IMF deal not endangered by political unrest

Photo: AP German Foreign Minister Guido Westerwelle, right, and his counterpart from Egypt, Kamel Amr, left, address the media during a joint press conference at the Foreign Office in Berlin, Germany, Thursday, Nov. 29, 2012.

Show more Show less

More Photos (1 of )

BERLIN (AP) — Egypt's foreign minister says the political unrest roiling his country after President Mohammed Morsi seized more power should not affect Egypt's negotiations with the International Monetary Fund for a $4.8 billion loan.

Mohammed Kamel Amr told reporters in Berlin after meetings Thursday with German Foreign Minister Guido Westerwelle that Morsi's move last week to grant himself near-autocratic powers — at least until a new constitution is adopted and parliamentary elections are held — was a domestic issue.

He says "what is happening (in Egypt) will not have an effect on the agreement with the monetary fund." The IMF deal agreed to earlier this month would support Egypt for 22 months. The IMF's executive board still needs to approve it, and is expected to vote on the deal in mid-December.

Subjects
People
- Mohamed Morsi
Locations
- Germany,
- Western Europe,
- Europe,
- Berlin
Organisations
- International Monetary Fund

Related Headlines

Greek bankruptcy averted _ for now
European and global financial leaders have agreed to release €44 billion ($57 billion) in critical loans to Greece and provide billions in additional debt relief in order to ...
Cypriots' president defends bailout deal
Cyprus' president said Saturday that the decision to force bank depositors to share the burden of a €10 billion ($13 billion) bailout package from its European partners and ...
Germany takes steps to curtail risky trading
Germany wants to punish bankers who take excessive risks and require some banks to separate retail activity from riskier proprietary trading, officials said Wednesday.
Merkel: Germany wants solution to Cyprus problem
German Chancellor Angela Merkel said Wednesday that her country wants to find a solution for Cyprus but insisted there must be a plan to repair the tiny Mediterranean island's ...