Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

IMF Official’s Egypt Visit Marked by More Unrest

Don't Miss Out —
Follow us on:

March 17 (Bloomberg) -- An International Monetary Fund director is slated to meet today with Egyptian officials amid efforts to advance a stalled $4.8 billion loan agreement, a day after opponents and backers of President Mohamed Mursi clashed near the Muslim Brotherhood’s Cairo headquarters.

Masood Ahmed, the head of the Middle East and Central Asia department at the Washington-based lender, and Egyptian officials will discuss the government’s economic program and the other steps in Egypt’s bid for a loan seen as vital for unlocking other donor aid and financing.

The clashes late yesterday outside the Brotherhood’s headquarters underscored tensions boiling over as Mursi, who was fielded for office by the Islamist organization, struggles to revive the economy two years after Hosni Mubarak’s ouster. Protesters pelted riot police with rocks and were rebuffed with tear gas after they set fire to a police truck.

Egypt’s currency is at a record low after the central bank introduced a dollar auction system Dec. 30 aimed at stemming the plunge in foreign reserves, which are down more than 60 percent below their December 2010 levels, at $13.5 billion.

Mursi’s secular and youth activist critics argue he has focused on advancing the Brotherhood’s agenda at the expense of the nation’s interests. Journalists were planning to hold a protest against what they said were attacks by Brotherhood supporters outside the group’s headquarters yesterday, the state-run Ahram Gate reported.

Yesterday’s unrest in Cairo was mirrored on a larger scale in the southern province of Sohag where Mursi pledged to start development projects. Critics of the president attempted to storm a hall where he was speaking, and were pushed back by his backers and riot police, state media reported.

To contact the reporter on this story: Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.