March 21 (Bloomberg) -- Political wrangling and “lack of societal consensus” are responsible for delaying a $3.2 billion loan agreement between Egypt and the International Monetary Fund, Al Ahram cited Finance Minister Momtaz el-Saieed as saying.
The IMF wants the government to submit an economic program that has broad political support after the North African country officially requested the loan in January. The Muslim Brotherhood’s Freedom and Justice Party, which makes up the largest bloc in parliament, has said the government’s plan is too vague.
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