Five international institutions praise Egypt's commitment to reimburse debt
Egypt-International, Economics, 3/20/2000
Five international finance institutions praised Egypt's commitment to reimburse foreign debt and its interests in the scheduled time.
According to the international institutions, the Egyptian economy's efficiency trimmed the foreign aid's role. President Hosni Mubarak's leadership and Egypt's position reverberated in the world credibility towards it.
The World Bank (WB) and International Monetary Fund (IMF) said the Egyptian government is operating under well-studied economic balance centering on the investment value and efficiently running the investment.
The Egyptian government, moreover, draws up finance programs to keep pace with the real contraction of the projects, the World Bank and IMF said.
The World Bank and IM, in their reports, referred to the government's steps to increase the resources without prejudice to the low-income brackets.
Furthermore, banking sources said Egypt's foreign debt reached $28.5 billion, 74.9% of which is debt to Paris Club's countries.
Egypt's debt to the regional and international institutions hit $4.3 billion, the sources said.
Prime Minister Atef Ebeid said the government adopted a clear-cut policy to rationalize the foreign loans and reimburse the rest of debt.
He added that the government is seeking to get more markets, foreign investments and capital within the coming two years.
"Attracting foreign investments keeps up with the great aspirations and hopes behind the construction of mega project," Ebeid expounded.
"Our goal is not only restricted on increasing the foreign investments, but includes the efficient use of such investment to meet the national interests," he added.
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