CAIRO: The World Bank is ready to support Egypt during its fragile transition from Hosni Mubarak’s rule, its vice president for the Middle East and North Africa said on Thursday.
Inger Andersen, who was on her first visit to Egypt since taking up the post, reiterated the bank’s "commitment to supporting Egypt during this critical transition period and beyond."
"We stand ready to support the demands of the people of Egypt in developing a modern, transparent and competitive economy which will serve as a model and support to the rest of the region," she told reporters.
During her visit, Andersen met Prime Minister Essam Sharaf and a host of other officials as Egypt struggles with an economic slump following the uprising that toppled Mubarak in February.
On Wednesday, Finance Minister Hazem El-Beblawi said Egypt was "in dire need of cash" to correct a budget deficit.
"In the long run, Egypt is in need of more funding for projects aimed at infrastructure or projects that increase Egypt’s economic capacity," said Beblawi, who is also the deputy prime minister.
Earlier on Thursday, Moody’s said it had downgraded Egypt’s government debt rating by one notch to B1 over concerns about the country’s weak economy, financial deterioration and political instability.
Last week, Standard & Poor’s downgraded Egypt’s rating to BB-, citing weak prospects for public finances and rising risks to macroeconomic stability during the nation’s political transition.
