Accessibility links

Key Egyptian Negotiator with IMF Quits

  • Reuters

Egyptian protesters hold placards with the Arabic inscription reading ‘danger’ and shout slogans as they demonstrate against the International Monetary Fund (IMF) delegation visit, in front of the General-Prosecutor's office in Cairo Apr. 3, 2013.

Egyptian protesters hold placards with the Arabic inscription reading ‘danger’ and shout slogans as they demonstrate against the International Monetary Fund (IMF) delegation visit, in front of the General-Prosecutor's office in Cairo Apr. 3, 2013.

A key Egyptian negotiator with the International Monetary Fund said on Sunday he has resigned as first deputy finance minister, in a potential blow to Cairo's prospects of an early IMF deal.

Hany Kadry Dimian has been the crucial point man in Egypt's protracted and so far fruitless negotiations to obtain a $4.8 billion loan needed to help combat a severe economic crisis.

“The only comment I can make for the time being is that yes, my term ends on April 30 according to my resignation, which I submitted in December,” Kadry told Reuters by telephone. “My next move is not decided.”

A senior technocrat appointed in 2007, Kadry survived five finance ministers in office since the 2011 uprising that overthrew former autocratic President Hosni Mubarak.

Kadry gave no explanation for his decision to quit, first reported on the Egyptian dissident Rebel Economy blog, saying he would say more on Tuesday.

A senior European diplomat said his departure was not a good omen for Egypt's hopes of wrapping up a deal on the long delayed IMF loan next month, as the government has said it aims to do.

Kadry was the one expert in the ministry who fully understood the IMF program and was able to deal with the global lender professionally, the diplomat said.

The daily El-Watan said on its website that Kadry had been under increasing pressure from the ruling Muslim Brotherhood's Freedom and Justice Party, and in conflict with Abdallah Shehata, the FJP economic adviser to Finance Minister Al-Mursi Al-Sayed Hegazy.
XS
SM
MD
LG