John Kerry is the new 2013 Secretary of State representing United States. He has embarked upon an ambitious tour of eleven countries on his very first assignment. He is in Egypt now.
IMF is a short-term money-lending institution. Loans given by it, definitely are short-term. They carry nearly commercial-market-rate of interest. IMF is notorious for its arm-twisting and strings.
We shall now see the advice of Mr. John Kerry to Egypt:
``It's clear to us that the IMF arrangement needs to be reached, that we need to give the market the confidence.``
The new Egyptian rulers have agreed in principle to swallow this bitter-pill. Probably, they may want some sugar-coating, before they open their mouths.