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Hilbroy Advisory: Egypt to get $3.7b standby IMF loan
Hilbroy Advisory: Egypt to get $3.7b standby IMF loan
The loan, which must still be approved by the IMF's executive board next month, is to be repaid over five years, with the payments due to begin three years and three months after its disbursement.
Montreal,
Quebec,
Canada
(prbd.net)
07/06/2011
Montreal, Quebec, June 6th, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: The International Monetary Fund agreed to provide Egypt with US$3 billion in financing to help the Arab world's most populous nation ease the blow to its economy from the popular uprising that ousted former President Hosni Mubarak.
The loan announcement comes days after the government unveiled a draft budget that projects the deficit swelling to nearly 11 per cent of the nation's gross domestic product, as officials look to boost social services spending to meet persistent demands by a population that complained of gross economic inequity under the former regime.
The 12-month standby arrangement spans fiscal year 2011-2012, which begins in July, and carries a 1.5 percent annual interest rate - a level which Finance Minister Samir Radwan said fell far below the international borrowing costs Egypt would have had to agree to have it turned to the open market for assistance.
The loan, which must still be approved by the IMF's executive board next month, is to be repaid over five years, with the payments due to begin three years and three months after its disbursement.
Officials said the loan was aimed at supporting Egypt's "home-grown" economic plan of supporting social justice after decades under a regime widely accused of enriching the wealthy in a nation where over 40 per cent of the population lived on or below the World Bank's poverty delineation.
"We very much welcome the authorities' plans to foster social justice" through increasing spending on health, education, housing and transportation, Ratna Sahay, the IMF's deputy director for the Middle East and Central Asia told that, listing some of the government's current priority programmes.
"Support from the international community will greatly facilitate the realisation of the authorities' economic objectives and, in this context, the IMF is committed to supporting Egypt and its people through this arrangement," said Sahay in an earlier email.
Finance Minister Samir Radwan said the government, in the wake of the revolution, was faced with the dilemma of meeting growing demands while keeping the budget deficit "within reasonable limits".
"This agreement is aimed at getting us out of the bottleneck," Radwan told that, referring to Egypt's current economic challenges. "It is a result of the increase in demands and the decline in resources."
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.
About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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