IMF team says extending Egypt trip for more loan talks

Reuters News
Posted: Nov 14, 2012 1:04 PM

CAIRO (Reuters) - 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 October 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 program. 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.

(Reporting by Patrick Werr; Writing by Marwa Awad; Editing by Ruth Pitchford and Hugh Lawson)