IMF team to arrive in Egypt next week for loan talks

  • A delegation from the International Monetary Fund (IMF) is set to arrive in Egypt on Wednesday to discuss a $4.8 billion loan with the government.

    Egypt has been seeking the loan in a bid to alleviate an economic crisis following two years of political instability.

    In recent months, reserves of foreign currency have dropped to critically low levels subsequently threatening the country’s ability to purchase supplies of wheat, of which it is the world's biggest importer, and fuel.

    On Sunday, a government spokesman maintained that Egypt would not ask for an emergency loan from the IMF and faced no "crisis" in financing the import of essential commodities.

    Any deal with the IMF is likely to require Egypt to impose austerity measures, a sensitive issue at a time when President Mohammed Morsi faces protests over his management of the country.

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