Mubarak receives IMF Director

Egyptian President Hosni Mubarak received in the Red Sea Resort of Sharm El-Sheikh Managing Director of the International Monetary Fund (IMF) Horst Kohler, who is currently on a three-day official visit to Egypt.

Kohler said late Sunday he came to Egypt to be updated by President Hosni Mubarak on the details of Egypt's economic situation.

In statements following his meeting with Mubarak, Kohler said that he was happy to get posted on the progress achieved by Egypt on the economic level in the nineties.

President Mubarak, during the meeting, asserted that his country has made great strides on the road to modernization, according to Kohler. The IMF Managing Director asserted his organization's readiness to back Egypt in this respect.

Prime Minister, Atef Ebeid has earlier held talks with Kohler. During the meeting, Kohler was informed of the decrease in the trade balance and inflation rates. He was also told of the increase in exports in the second quarter of the year 2001 to L.E. 1.7 billion.