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Published: Sunday, 1/6/2013

IMF delegation returns to Egypt this week for talks on $4.8 billion loan


CAIRO — The International Monetary Fund says talks will resume in Egypt this week on a $4.8 billion loan request that the government says is needed to rescue the country's ailing economy.

A statement by the IMF says that Director of the Middle East and Central Asia Department Masood Ahmed will meet with officials in Cairo on Monday.

The statement says the purpose of the visit is “to discuss with the authorities the most recent economic developments, their policy plans for addressing Egypt's economic and financial challenges, and possible IMF support for Egypt in facing these challenges.”

An upswing of political turmoil in the past two months led to a rush on dollars and spurned a devaluation of the Egyptian pound. The upheaval also delayed IMF loan talks and painful economic restructuring.

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