The Muslim Brotherhood's Freedom and Justice Party is
consulting other parties about introducing sukuk or Islamic bonds.
Issuance has been held up because no laws cover these Sharia-compliant
instruments. The FJP says there is strong demand for them.
According to a Reuters report, the Salafist al-Nour party has
indicated it would not oppose the proposed US$4.8 billion dollar loan from the
IMF, despite the interest payments demanded which it does not approve of.
Tarek Shaalan, head of the party's economic committee, was
quoted by Reuters as saying that they believe the government can take out such
loans if there is no other option. For its part, the IMF said it would send
another mission to Egypt in the coming weeks to discuss the loan agreement which
it hoped would be concluded by the end of the year.
The cabinet has set up a committee to look at how each and
every one of 185 state-owned companies was sold off to ensure no financial
irregularities.
Egypt's Energy Minister Osama Kamal went to
Qatar to discuss a gas import deal - at a time when Egypt is planning to resume
gas exports to Jordan. Egypt's shortage is in LPG for domestic cooking.
For more news and expert analysis about Egypt, please see Egypt Politics & Security.
© 2012 Menas Associates
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