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Hilbroy Advisory: World Bank to take stock as Egypt scraps IMF loan
Hilbroy Advisory: World Bank to take stock as Egypt scraps IMF loan
The World Bank and other international donors usually look to the IMF as a seal of approval to lend to governments.
Montreal,
Quebec,
Canada
(prbd.net)
28/06/2011
Montreal, Quebec, June 27th, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: The World Bank said on Sunday it would have to take stock of plans to lend to Egypt after the International Monetary Fund confirmed the authorities no longer wanted an IMF-backed loan program.
Egyptian Finance Minister Samir Radwan said on Saturday Egypt would not borrow from the World Bank and the IMF after revising its budget and cutting the deficit target to 8.6 percent of gross domestic product from 11 percent.
A World Bank spokesperson said it was not informed of the decision.
"As far as we are aware these discussions are ongoing and we have heard nothing from the government to suggest the contrary," a World Bank spokesperson said.
"If there is no IMF program, we will have to take stock," the spokesperson added.
The IMF said Egypt had scrapped plans for a $3 billion IMF loan agreed last month. The World Bank and other international donors usually look to the IMF as a seal of approval to lend to governments.
World Bank President Robert Zoellick said on May 24 the poverty-fighting institution would make available $4.5 billion over the next 24 months for Egypt. The funding included $1 billion this year in budget support and another $1 billion next year to help cover a huge budget shortfall after the economy was plunged into turmoil by mass protests that drove Hosni Mubarak from office on Feb. 11.
The World Bank program was also aimed at improving transparency and boosting employment, which were part of demands of the protesters.
Radwan said Qatar had provided Egypt with $500 million for budgetary support in the past week, and Saudi Arabia had offered a similar amount.
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
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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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