Cairo tries again for IMF help with debt - The National

A recovery in Egypt's economy now hinges on a fast deal with the IMF for a US$3.2 billion (Dh11.75bn) loan.

The North African nation's risk of a balance-of-payments crisis and sharp currency devaluation rises as it awaits an agreement this month.

A series of blows to a final agreement with the IMF have raised fresh concerns about whether Egypt can sustain its fiscal situation much longer. Last month, the parliament rejected the government's new economic plan, the key to the country's request for the $3.2bn loan. Only six of 365 members of the assembly, which is dominated by the powerful Muslim Brotherhood, voted in favour of the plan.

* username: rupertbu