MagnumMaxim: I.M.F. TO OFFER EGYPT ECONOMIC ADVICE & ASSISTANCE AFTER TURMOIL

MagnumMaxim: 03 February 2011 -- IMF: Washington, D.C. - The International Monetary Fund (IMF) has said it's willing to offer economic advice and assist Egypt if necessary; in a press briefing, spokeswoman Caroline Atkinson said it's too soon to assess the economic impact of the turmoil.
"In Egypt as in other countries, there's been this issue of high unemployment, especially among the youth. It will be important for the government, whichever government it may be, to focus on that challenge and on that need for inclusive and broad-based growth." Atkinson said.
Increases in food and fuel prices related to the upheaval may prove to be temporary if a solution is found soon.
"We've seen some impact already on food and fuel prices, both of which are important, especially food prices, which can hurt the poor and vulnerable. Those impacts will be temporary provided that the turmoil is temporary. It really depends on how things unfold," Atkinson said.
When asked about the impact of high food prices, Atkinson agreed that it's a big concern for the IMF.
"On food prices, it's obviously a big problem particularly because a larger proportion of the incomes of the poor are spent on food, so they're particularly hard hit by food prices. That's true of the low-income people in advanced economies and in low-income countries," Atkinson said.
...... ( INTERNATIONAL MONETARY FUND: IMF ) ............................................

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