IMF Says Talks With Egypt Continue Amid Evolving Economic Woes

The International Monetary Fund is continuing discussions with Egypt for a loan and is awaiting data and policy plans from Cairo, a fund spokesman said.

“The economic conditions in Egypt have been evolving,” spokesman Gerry Rice told reporters in Washington today. “We are awaiting updated economic data and reform plans from the authorities and we are working jointly” to enable a recovery, he said.

Egypt’s efforts to conclude the final agreement for a $4.8 billion loan hit repeated obstacles, as the country’s post-2011 uprising transition degenerated into divisive politics and chronic unrest that has battered the economy of the Arab world’s most populous nation. Rice said no date for an IMF visit had been set.

The IMF stands “ready to support a home-grown program that addresses the economic and finance challenges that Egypt is facing, that is socially balanced and has broad ownership,” Rice said.

Separately, Rice said the IMF board will meet May 15 to approve a bailout for Cyprus and May 31 to authorize a disbursement to Greece.

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