Minister: IMF loan talks to resume in early March

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Minister: IMF loan talks to resume in early March

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Mon, 25/02/2013 - 19:10

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International Monetary Fund (IMF) Managing Director Christine Lagarde looks at one of the pyramids while listening to a guide's explanation as she visits the Pyramids in Giza, at the end of her visit to Egypt, 22 August 2012. Egypt requested a $4.8 billion loan from the IMF and hopes for a deal by the end of year, officials said during a visit on Wednesday by Lagarde to discuss helping the ailing economy.

Reuters

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Reuters

Egypt will resume talks with the International Monetary Fund on financial aid early next month, Investment Minister Osama Saleh said on Monday.

"There have been pledges of international and regional support to Egypt and most of these are in progress," Saleh said in a speech at a financial conference. "Negotiations with the IMF over the US$4.8 billion loan will resume in early March."

Saleh said an agreement with the IMF had almost been in place in December but that a change in public opinion meant it collapsed.

"We don't see any reasons why the Egyptian people should reject the program. They will eventually realise that the benefits they will get will outweigh the load they will carry," he said.