Sign in to comment!



IMF, Egypt say working to reach loan deal in "coming weeks"


 (Copyright Reuters 2013)

The International Monetary Fund and Egyptian officials said on Sunday they were working to reach a deal on a proposed $4.8 billion loan in "coming weeks" following progress during weekend discussions in Washington.

"Work will continue with the objective of reaching agreement on an IMF stand-by arrangement to support the authorities' national economic program in the coming weeks," IMF Managing Director Christine Lagarde and Egyptian finance officials said in a joint statement.

The talks on the sidelines of meetings of the IMF and World Bank, included Egypt's central bank governor, Hisham Ramez, Finance Minister Al-Mursi al-Sayed Hejazy, and Planning Minister Ashraf El-Araby.

(Reporting by Lesley Wroughton; Editing by Sandra Maler)