A senior IMF official was meeting with the Egyptian government on Monday to discuss a stalled $4.8bn loan deal, as renewed political turmoil pushed the country closer to economic crisis.
Top of the mission’s mind will be whether the government still has the capacity to implement economic reform as the central bank struggles to run a managed devaluation of the Egyptian pound that risks slipping out of control.
News reports suggested a sense of urgency. “We will attend many meetings with the Egyptian government today. The technical team will come later. All details will be discussed in these meetings today,” said Masood Ahmed (pictured), the IMF’s Middle East and Central Asia director, according to Reuters. Ahmed was due to meet President Mohamed Morsi later in his visit.
IMF visits Egypt to discuss loan as economic crisis worsens | beyondbrics
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