Arab Monetary Fund to back Egyptian development programs

The Abu Dhabi-based Arab Monetary Fund is scrutinizing a report on prospects of furthering support to development programs in Egypt.

This came in a statement issued by the Fund yesterday marking the visit of Prime Minister Atef Ebeid to its headquarters on Monday.

Ebeid held talks with Jassem El-Mana'ey, the Fund director general, on Egypt's leading role in the field of joint Arab action.

The fund has already offered Egypt seven loans to the tune of $ 332 million to back the balance of payments and finance economic reform programmes, said the statement.

The report was drawn up by a mission from the Fund following their recent visit to Egypt.