An International Monetary Fund (IMF) delegation arrived in Egypt today to resume negotiations over a $4.8 billion loan sought by the Egyptian government to resolve its financial crisis.The Egyptian finance minister told in Dubai on Monday that his government hoped to conclude the deal during the meetings with the IMF delegation.However, IMF has not given any such indications and is rather expected to press for austerity measures on Egypt before sealing the deal.Egypt had intially agreed with the IMF on the loan in November to contain a budget deficit. The agreement was frozen at Cairo's request in the wake of an unrest tbecause of a decree issued by President Mohamed Mursi that gave him sweeping powers and shielding his decisions from the judiciary.Egypt's budget had been affected by two years of political unrest and economic turmoil since the ouster of former president Hosni Mubarak.The country's foreign currency reserves fell to critically low levels, threatening its ability to import essential supplies such as fuel and wheat.
News On AIR | March 4, 2013 8:01 PM
IMF delegation arrives in Egypt to resume negotiations over financial crisis<br/>