1. Egypt does not intend to draw on the IMF standby credit, because of its strong reserve position, the IMF stated. 2. Meanwhile, a team of International Monetary Fund officials has arrived in Sofia this week for two weeks of negotiations with Bulgarian officials on granting Bulgaria a standby credit. 3. The board could approve the three-year standby credit then, the spokeswoman said. 4. Alternatively, the United States could ask the IMF to extend more standby credit. 5. An IMF mission is also in town to draft the so-called fourth letter of intent -- an agreement which would permit Thailand to draw on additional standby credit. 6. He said the government should renegotiate the terms of the standby credit with the IMF, not relax the situation, to ensure at least some economic growth. 7. If confidence creeps back, it might not be necessary to disburse the standby credit at all. 8. More standby credit and a lowering of interest rates may be easier. 9. On Wednesday, he plans to meet separately with IMF Managing Director Michel Camdessus and World Bank President James Wolfenson to discuss final details of the standby credit. 10. Tarrin said if South Korea reaches a deal for the new short-term standby credit, it would set a precedent for other troubled economies in the region. |