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Egypt to resume IMF loan talks

  • Egypt is expected to resume talks with the International Monetary Fund (IMF) over a $4.8 billion loan required to shore up the economy, according to the prime minister.

    Talks were suspended following a political crisis over a new constitution, which was approved by a referendum last week.

    Prime Minister Hisham Kandil made the comments on Sunday as the Egyptian pound fell to record lows against the U.S. dollar.

    Meanwhile, the central bank has said the country's foreign reserves have dropped to "critical" levels.

    "We hope that there will not be any fundamental changes in our plan with the IMF because we will summon them in January so we resume discussions to go forward in the matter of the loan," Kandil said.

    Egypt’s central bank has spent more than $20 billion in foreign reserves to support the pound following a revolution against ousted President Hosni Mubarak in 2011.