Monday 16 January 2012

Egypt's IMF talks positive, minister says | Reuters

Talks between Egypt's government and the International Monetary Fund got off to a positive start on Monday, the country's planning and international cooperation minister said.

Egypt needs to secure foreign help to fill a budget shortfall after the economy was thrown into crisis following an uprising that ousted the country's president last February.

The previous army-backed interim government turned down an offer of $3 billion in financial assistance from the IMF last June but since then the country's funding problems have worsened and its currency has come under heavy pressure.

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