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Egypt’s Leader Says Lagarde Comments Acknowledge Nation’s Needs

Aug. 24 (Bloomberg) -- Egypt’s prime minister said comments by International Monetary Fund Managing Director Christine Lagarde acknowledge that Egypt needs assistance.

While domestic efforts to resolve the economic crisis are paramount, “that doesn’t mean the IMF should be excluded,” Hazem El Beblawi told reporters in Cairo today. “No wise country would want to cut its relations with international funding organizations.”

A $4.8 billion loan agreement with the IMF is an essential part of efforts to revive economic growth, Planning Minister Ashraf El-Arabi said on Aug. 5. Last week, he said talks had been postponed as Egypt undergoes a bloody struggle between the generals in charge of the nation and their Islamist opponents.

“We are very keen to support the Egyptian people in this transition period, but clearly not all the ingredients are all on the table,” Lagarde said in an interview with Bloomberg Television in Jackson Hole, Wyoming yesterday. “There needs to be global political endorsement, there needs to be enough stability for the policy commitments to be delivered. That is not yet the case.”

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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