IMF Team to Visit Egypt for Loan Talks Before Month’s End

The International Monetary Fund is waiting for the Egyptian authorities to update an economic program attached to a loan agreement that has been put on hold before sending a team to Cairo, an IMF official said.

“The work that is now under way in Cairo is to update their own program in light of the fact that with this passage of time the economic situation has changed a bit,” Masood Ahmed, head of the IMF Middle East and Central Asia Department, told reporters in Washington today.

It’s also “to ensure that the measures that they’re putting forward are both adequate to respond to the economic and financial challenges and are consistent and compatible with their political imperatives.”

Once that is advanced, the IMF will send a technical team to Cairo, Ahmed said, adding he hopes it to be in coming weeks.

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net

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