IMF had 'productive' discussion with Egypt

Tuesday, January 08, 2013 8:41 AM 
Graffiti against IMF loan on Tahrir pavement. Ahmed Hamed/Aswat Masriya

WASHINGTON, Jan 7 (Reuters) - The International Monetary Fund held "productive" discussions with Egypt about its economic strategy, a senior Fund official said on Monday after a visit to the country.

Egypt is desperately seeking a $4.8 billion loan from the IMF to help prop up its budget and contain a currency crisis set off by political turmoil.

"I have held productive discussions today with President (Mohamed) Mursi, Prime Minister (Hisham) Kandil, and Egypt's economic team on the economic and financial challenges now facing the Egyptian economy," Masood Ahmed, the IMF's director for Middle East and Central Asia, said in a statement.

He said a technical team will visit Egypt in coming weeks to discuss a possible IMF loan.

Egypt first struck an agreement for a stand-by loan with the IMF in November, but Cairo postponed the formal end of the deal last month because of new political confrontations and protests.

Analysts view the IMF loan as critical to give Egypt's Islamist government credibility with the markets. The Egyptian pound hit a series of record lows against the dollar on Monday as political turmoil is depleting the country's foreign reserves.

This content is from : Reuters
Aswat Masriya is a free website. Everyone is encouraged to use the content produced by Aswat Masriya journalists, as long as the website is credited and a link back to the website is included. Content from our content partners or Reuters cannot be republished without permission

Leave a comment

IMPORTANT: Aswat Masriya is not responsible for the content of any comment.

About Us | Contact Us | Terms Of Use All rights reserved 2014 Aswat Masriya ©