The Egyptian government has decided to reinstate Hani Qadri in the position of chief government negotiator of the $4.8bn IMF standby loan arrangement, after accepting his resignation with effect from 30 April (MEES, 3 May). A Ministry of Finance official source said on 2 May that Mr Qadri will stay in his position because he is the only expert at the Ministry of Finance who is competent and experienced to deal in the IMF loan, the Egyptian media reported.
The source added that domestic and international pressure had been exerted on the government to reject Mr Qadri’s resignation, as his leaving the negotiating team with the IMF would be “a setback for relations between Egypt and the IMF.” The report also said that the Governor of the Central Bank of Egypt (CBE), Hisham Ramiz, had also helped persuade the government to reinstate Mr Qadri. The Egyptian cabinet’s spokesman confirmed that Mr Qadri was continuing his duties because the IMF negotiations are nearing completion. (CONTINUED - 305 WORDS)