Egypt returns to $3.2bn loan plan and invites IMF to Cairo - The National

Officials from the IMF will visit Cairo this month to open talks with Egypt's new government about a possible US$3.2 billion (Dh11.75bn) loan.

The government of president Mohammed Morsi invited the fund, based in Washington, the IMF said.

"The IMF stands ready to support Egypt and work closely with the authorities," it said. After being sworn in last week, Egypt's new cabinet has been getting to grips with the grave state of public finances. Egypt needs the cash to help avert a looming balance of payments crisis and shore up confidence in its economy to tempt back foreign investors.

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