CAIRO: A team from the International Monetary Fund (IMF) has arrived in Cairo as part of its continued discussions with the Egyptian government over a potential loan to help shore up the country's struggling economy. The technical team is due to hold talks with the finance ministry over the course of the loan. The talks will cover details of the economic program and a possible IMF arrangement. In late February, the IMF said that the economic situation in Egypt remains “challenging” and that the economic growth for the country has stalled, “which harms the Egyptian economy and affects the people.” Gerry Rice, the spokesman of the IMF, stated during a press briefing in Washington, that the foreign exchange reserves have dropped significantly in Egypt, which led to the reduction of the authorities margin to maintain macroeconomic stability. Rice explained that the talks with the Egyptian authorities are ongoing and the IMF is ready to support a national program that includes the necessary action to rebuild confidence and the protection of vulnerable household.” He continued, “we do not have the program yet, and therefore will not go into details.” Egypt's Finance Minister Mumtaz El-Saeed said the Egyptian government would sign a memorandum of understanding with the IMF for a $3.2 billion loan. It also comes after Egypt reportedly requested a one billion dollar loan from the World Bank in an effort to fill the gaping budget deficit afflicting the country. BM ShortURL: http://goo.gl/eOK0I Tags: debt, Egypt, featured, IMF, Loan Section: Business, Egypt, Latest News
