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FINANCIAL NEWS
Egypt-IMF resume negotiations over USD4.8b loan
01 Nov 2012
(MENAFN) The International Monetary Fund’s (IMF) spokeswoman, Wafa Amr, stated that talks between the fund and Egypt over a USD4.8 billion loan have started again, reported The Peninsula.
The loan is aimed at boosting the country’s finances that have depleted since last year’s uprising, which fended off foreign investments.
On Tuesday, an IMF team returned to Cairo to resume negotiations that have started before a year and a half.
Egypt’s Presidential spokesman, Yasser Ali, stated that his country had presented its economic reforms program to the IMF.
It is worth noting that even though Egypt has asked for a USD4.8 billion loan, however, officials have said the country might seek more.
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