IMF says stands ready to support Egypt

The International Monetary Fund said on Tuesday it stands ready to support Egypt in dealing with its "significant immediate economic challenges" in the wake of its presidential election.           

"Egypt faces significant immediate economic challenges, especially the need to restart growth and address the fiscal and external imbalances," an IMF spokesperson said in a statement. "The IMF stands ready to support Egypt in dealing with these challenges and looks forward to working closely with the authorities".

Meanwhile, an Egyptian court overturned a government decree allowing the army to arrest civilians on Tuesday, a setback for military rulers preparing to hand power to an elected president.       

It was challenged by rights activists and politicians who accused the generals of reviving an unpopular emergency law that lapsed in May.   

"The court has blocked the decision of the Minister of Justice that gave military and military intelligence officers powers of arrest," said Cairo administrative court Judge Ali Fikry.


REUTERS