Summary Box: IMF waits on Egyptian economic plan

AP News
Posted: May 02, 2012 2:39 PM
Summary Box: IMF waits on Egyptian economic plan

AID DEAL: A senior International Monetary Fund official said Wednesday the fund remains willing to consider a much-needed $3.2 billion aid package for Egypt but is waiting for consensus from political leaders in Cairo.

BACKGROUND: The IMF wants Egypt's interim military-backed government and elected officials to put together a comprehensive economic recovery plan before it agrees to provide aid. Egypt's parliament last week rejected the Cabinet's economic plan, setting back efforts to secure the funding.

REQUIREMENTS: IMF official Masood Ahmed says the plan should address economic imbalances within the country while protecting the poor and generating confidence among foreign investors.