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Egypt Premier Qandil Says IMF Loan Talks Back on Track Soon

Egyptian Prime Minister Hisham Qandil said talks with the International Monetary Fund over a possible loan would resume shortly.

“We are going to be back on track very soon,” Qandil said today at a conference in Cairo. Egypt invited a mission from the IMF “to again realign the program so we can move forward with our national reform program.”

Egypt is seeking to secure a $4.8 billion IMF loan that the government says will help boost investor confidence and encourage other lenders and donors. Egypt asked for a delay last month after President Mohamed Mursi suspended tax increases linked to its IMF-backed economic plan amid political tensions. An IMF team is due to come to Egypt in two to three weeks, presidential spokesman Yasser Ali said on Jan. 8.

“We are committed to reform,” Qandil said today.

To contact the reporter on this story: Mariam Fam in Cairo at mfam1@bloomberg.net

To contact the editor responsible for this story: Digby Lidstone at dlidstone@bloomberg.net

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