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FINANCIAL NEWS
Positive progress in IMF-Egypt loan negotiations
21 Apr 2012
(MENAFN) The International Monetary Fund’s Director for the Middle East, Masood Ahmed, said that progress is being achieved regarding a loan to be given to Egypt at the value of USD3.2 billion, reported Reuters.
The delay in sealing the deal, which the government had hoped to secure in March, has brought the country closer to a fiscal crisis that could lead to a jump in consumer prices and interest rates, a big currency devaluation and huge pressure on banks.
The IMF is insisting that any agreement on financing is backed by Egypt’s government and political partners ahead of June elections.
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