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IMF team extending Egypt trip

International Monetary Fund

November 16, 2012 11:59 by

International Monetary Fund negotiators will extend their stay in Egypt to continue their loan talks with the government, the Egyptian central bank and an IMF spokeswoman said on Wednesday.

“The IMF mission will remain in Cairo for a few days to continue constructive consultations with the Egyptian authorities regarding the national economic program,” the central bank said in an emailed statement.

An IMF technical team has been in Cairo since Oct. 31 to negotiate a $4.8 billion loan that Egypt asked for to shore up finances hammered by last year’s popular uprising.

“The mission has been working closely with the authorities on their economic programme. The mission will remain in Cairo for a few more days to continue its work and build on the good progress already made,” an IMF spokeswoman in Cairo told Reuters.

Egypt has been drawing up an economic reform plan in part to help convince the IMF it is serious about economic reform. Analysts say the Fund usually requires that governments take actual measures before signing off on loans.

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