20 January 2013

Egypt: IMF Making Final Revision Ahead of Resuming Egypt Loan Talks

Resuming talks on a $8.4 bn loan, said Masood Ahmed, IMF director for the Middle East and North Africa.

Cairo is keen on finalizing the deal to get the IMF loan, Ahmed said, noting that the Egyptian government told the fund earlier this month it is willing to go ahead.

The IMF should be convinced Egypt will be able to implement the loan program before a final approval is made, Ahmed said.

He added that the IMF supported Egypt's measures to maintain international reserves and have a well-performing foreign exchange market.

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