IMF praises 'good progress' on Egypt loan deal

Ahram Online, Friday 20 Apr 2012

Global body says country's government and political partners are slowly agreeing objectives and measures for the long-awaited $3.2 billion loan

The International Monetary Fund says Egypt's government and political partners are making good progress in refining the content of a long-awaited IMF funding programme.

"We feel there is some progress in terms of getting a commitment and broad buy-in to the objectives and the measures" of a programme, Masood Ahmed, IMF director for the Middle East said on Friday, according to wire reports.
 
Masood said those working on the programme included political figures who will be involved in its implementation after the elections.
 
Egypt and the IMF are in discussions over a $3.2 billion loan, with the global body insisting that any financing agreement is backed by Egypt's government and political partners.
 
Egypt has previously estimated its financing needs at $10 to $12 billion, figures with which the IMF said it is in agreement.
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