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Atarax price uk to US $2.5 billion (Adds detail, background) By Dominic Evans and David LONDON, Sept 22 (Reuters) - Chinese state-owned financial company CITIC, a major investor in U.S. and British financial firm Citigroup bank Barclays, has become the latest foreign company to receive approval raise debt in Egypt, under new reforms unveiled by the government there on Wednesday. With Egypt facing increasing foreign pressure on its debt-starved economy, the new rules are a major step forward in reforming the country's $80 billion of debt - which represents one third of its entire debt service bill. Last year, Egypt's foreign debt grew to around $160 billion, making it the second-highest foreign debt in world. A second reform the finance ministry proposed in Thursday's plan would add new debt issuance to existing bond issuances. The measure also aims to tackle a chronic capital shortage in banks and other key sectors was supported in theory by the International Monetary Fund (MIG). Under the new system, private entities will be able to pay for debt with domestic currency as well the new domestic currency, foreign or Egyptian pounds. "This reform will allow Egypt to avoid dependence on the global financial markets, including Egypt's main trading partners," the finance ministry said in a statement. The ministry said it would allow the issuance of domestic debt in local or currency and foreign currency, as well local currency and both foreign Egyptian pounds. "The existing systems are prone to mismanagement by private entities and lack transparent mechanisms to hold them account," the ministry added. The new system will operate under the following Generic brand for promethazine mechanisms: The issuance of domestic debt in Egyptian pound. Exchange of domestic currency for foreign in local currency. Issuance of foreign currency and access to credit, both in domestic currency and foreign currency. Issuance of domestic debt in foreign currency. Use of foreign currency. This plan will allow Egypt's private sector to access the domestic financial market in an environment of stable and predictable market rates, the ministry said. "The main purpose of this reform, for which online pharmacy jobs in canada the government has been engaged since 2014, is to strengthen the institutions and financial sector, in order to ensure that financial institutions have to provide services that are market oriented and serve the public interest." Citi and Barclays said in a joint statement that they were encouraged by the plans for further reform, and also "insisted that they would continue to be careful in issuing new debt Egypt". "The reform package is not yet complete," they added. A senior Chinese diplomat from its foreign ministry said China's central bank would play a prominent role in developing the reform process. Wang Jianmin, a top official at China's financial affairs ministry said the government hoped to complete reform by the end of year. "Since Egypt faces a very complex situation in improving the economic situation, reforms are based on three pillars - creating an environment for financial entities to do business, improving security for the financial sector, and allowing more efficient use of cash," he said. Egypt is the biggest importer of oil in the Middle East and its economy is largely controlled by the state. Facing a deepening credit crunch in the wake of a financial sector crash, Arab Gulf states in 2012 imposed a 2-year credit freeze on Egypt, which caused the Central Bank to seize control of the country's banks. Egypt's foreign reserves fell to $3.3 billion in April from about $40 billion a year earlier. The country's central bank estimates that it is $13 billion short.

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