Gov't adopts package of measures to face up adverse effects of September 11 events

Minister of Planning and International Cooperation Ahmad Al Darsh said yesterday that the government has taken a package of measures to face up the adverse impacts of September 11 events on the national economy.

In a press conference Al Darsh said that the African Bank for Development (ABD) will provide $ 500 million in financial facilities to Egypt to contribute to the Egyptian procedures to cushion the effects of the September 11 attacks on the national economy. The sum is paid within $ 2.500 billion allocated by the ABD for African countries for the same purpose.

'Egypt's partners in development the World Bank (WB), the International Monetary Fund (IMF) and the USAID-offered similar assistance to Egypt within a comprehensive study to determine the size of losses Egypt will be subject to as result of the negative impact of the September 11 attacks,' A1 Darsh added.

In a press conference he held with an ABD delegation, Darsh said that Egypt's policy as regards foreign loans is based on the notion that the total loans would not exceed the value of foreign debt service.

On the US assistance to Egypt, he said that the possibility of restructuring American assistance is currently under discussion, noting the US assistance this year hits $ 685 million.