CAIRO // Egypt will not sign any "emergency" loan with the IMF, cabinet spokesman Alaa El Hadidi said yesterday, appearing to rule out any recourse to a bridging loan which the IMF said on Monday was available to Cairo.
Mr El Hadidi added that any loan agreement would be within the framework of the country's economic programme.
Egypt is seeking a US$4.8 billion (Dh17.6bn) loan from the International Monetary Fund to stave off a balance of payments crisis, but securing IMF aid would involve committing to austerity measures that are likely to lead to unrest.
"There will not be a fast or emergency loan," Mr El Hadidi told reporters, adding that no timing had been set yet for an IMF mission to visit Egypt.
The IMF said in statements on Monday that Egypt had the option of using the Rapid Financing Instrument, a lending facility designed to provide rapid and limited assistance to member countries, and an Egyptian source at the finance ministry said Cairo was studying the offer.
"There is no agreement yet over the arrival of the mission and we are waiting for them," Mr El Hadidi said.
Earlier, planning and international cooperation minister Ashraf Al Araby said an IMF mission was expected to come to Cairo in coming days.
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.