IMF’s Ahmed to Visit Egypt Amid Stalling $4.8 Billion Loan

An International Monetary Fund official will visit Egypt on March 17 to meet with authorities amid political unrest that has stalled a $4.8 billion loan, a fund spokesman said.

Masood Ahmed, the director of the IMF Middle East and Central Asia Department, will be in Cairo to “discuss with the authorities their economic program and next steps in the IMF’s engagement with Egypt,” spokesman William Murray said at a press conference in Washington today.

“The IMF remains fully committed to supporting Egypt at this critical time through a homegrown program that addresses the country’s economic and financial challenges and lays the foundations for a durable and socially inclusive recovery of the economy,” he said.

Separately, Murray said that IMF Managing Director Christine Lagarde will attend a meeting of finance ministers of the euro region tomorrow focusing on a potential bailout for Cyprus. The IMF seeks a durable solution for the country’s banking-sector issues that also addresses debt sustainability, he said.

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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