The IMF will remain in close contact with Egyptian authorities in the coming weeks as they try to establish political backing for an economic plan linked to a US$3.2 billion (Dh11.7bn) loan.
The Washington-based organisation also reminded policymakers that Egypt's receiving the assistance was dependent on broad political support for the plan.
"In discussions with a wide spectrum of political parties in the People's Assembly, there was a shared understanding on the need to address short-term challenges facing the economy and to promote reforms that can help achieve higher and more inclusive growth going forward," the IMF mission said in a statement after concluding a trip to Cairo this week.
Potential cracks appeared to form in the funding bid this week after a front-runner in next month's presidential election said he would not support the loan unless the terms were changed. Khairat Al Shater, who is representing the Muslim Brotherhood's Freedom and Justice Party, urged the interim government either to postpone the borrowing or step aside.
The IMF statement said: "The mission reaffirms that broad-based support for a national economic programme is essential to bolster confidence and ensure its successful implementation in the period following the current political transition."
The mission said it would remain in contact with the authorities in the coming weeks as they finalise details of the economic programme including the 2012-2013 budget and mobilise the required political support.
A financial arrangement to support Egypt would be presented to the IMF executive board once the work was completed and external financing from bilateral donors and other international institutions was confirmed, it said.
To support its loan bid, the interim government has submitted to the IMF an economic programme that is believed to lay out reforms the government would make.
tarnold@thenational.ae
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Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
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