Egypt Seeks to Resume Loan Talks with the International Monetary Fund (IMF) “Very Soon”

by Colonel on January 14, 2013

“Egypt hopes to resume talks with the International Monetary Fund on a crucial $4.8 billion loan soon as it struggles to prop up an ailing economy wrecked by protracted political unrest.

Egypt’s loan agreement was approved in principle in November, but subsequent turmoil forced the government to delay a series of bitter austerity measures deemed necessary to win the IMF board’s final approval.

Addressing a business forum in Cairo, Prime Minister Hisham Kandil said government had agreed a “home-grown fiscal and financial program” as part of the deal.

Political unrest and sometimes violent protests in late November and early December set off a rush to convert Egyptian pounds to dollars, sending the currency to record lows on fears of a messy devaluation.

Officials said earlier an IMF team was expected to visit Cairo in two to three weeks.

” — (Reporting by Edmund Blair; Writing by Maria Golovnina; Editing by Andrew Roche), Copyright 2013 Thomson Reuters

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