UAE minister asks IMF, World Bank to help Egypt

The United Arab Emirates’ Finance Minister Ahmed al-Gaber plans to meet with the heads of the International Monetary Fund and World Bank, and demand that they take on a tangible role in Egypt’s transitional phase, reported the privately owned newspaper Al-Masry Al-Youm (AMAY) on Thursday.

Gaber issued a statement emphasizing his trust in Egypt’s current government and its abilities, declaring that “Egypt is on the right track,” AMAY reported.

The UAE has shown its support for Egypt on multiple occasions, to the extent that some have said that Egypt has two foreign affairs ministers — an Egyptian one, and an Emirati, Gaber continued.

Egypt’s Minister of Finance Ahmed Galal met with Gaber earlier on Thursday to discuss potential collaborations between the two countries in the fields of energy, health insurance and infrastructure, the state-run news site Ahram Gate reported on Thursday.

The government has a clear road map for economic reform and is confident it will overcome the current challenges, Galal said.

Galal also expressed Egypt’s gratitude for all the aid it has received from Arab countries, especially from the UAE, Saudi Arabia and Kuwait, who jointly promised US$12 billion to Egypt after the Armed Forces removed former President Mohamed Morsi from office in July.

Following this pledge of aid from the Gulf, the Cabinet had released a statement saying Egypt no longer required the US$4.2 billion IMF loan that has been on hold since the revolution.

"The importance of the IMF loan does not lie in the amount ... this is what Egypt spends in three months," Karim Helal, an economist and chairman of Adib Capital, told Mada Masr. 

According to Helal, the loan is more important as a seal of approval to international investors signifying that Egypt has a sustainable economic plan.

"The loan will also trigger other loans pledged by the EU and other donors," Helal explained.

Helal predicted that Egypt would eventually receive the loan, but when the money would come through would depend on the future political climate.