New Egypt minister says no need for IMF aid now
CAIRO, July 15
CAIRO, July 15 (Reuters) - Aid from Arab states will carry Egypt through its transition period, and it does not need to restart negotiations with the IMF now, the man named planning minister in the interim government said on Monday.
Ashraf al-Arabi, a U.S.-educated economist who served in the same post under deposed President Mohamed Mursi until May, joins a government led by liberal economist Hazem el-Beblawi. Beblawi has named economists to several senior posts so far.
"The time is not appropriate to begin new negotiations with the IMF," al-Arabi told reporters, announcing that he had accepted the post of minister of planning. "Arab aid will enable Egypt to get through the transitional stage in a good way."