IMF to Resume Loan Negotiations With Egypt at “Right time”

The International Monetary Fund (IMF) is ready “when the time comes” to re-initiate discussions with Egypt over the delayed $4.8 billion loan package, said its Managing Director Christine Lagarde.

At a press roundtable in Washington on Friday, the IMF managing director said that the situation in Egypt has been very unsettled and that the IMF continues to discuss the loan with the administrative officials but not the political authorities.

Lagarde said thee IMF has been in regular contact with the authorities in Egypt since last August, but the situation has, obviously, evolved.

She added, “We are attending to the degree of recognition of the authorities within our membership,” referring to military’s ouster of President Mohamed Mursi on July 3 which affected the loan.

Lagarde refused to comment on the money that Egypt received from the GCC (Gulf Countries Council) when asked whether it was it helpful or if it served any purpose.
Souce Aswat Masriya