Egypt Govt Invites IMF Officials To Resume Loan Talks

Egypt invited officials from the International Monetary Fund (IMF) to visit to resume talks on a $3.2 billion loan, the state’s finance minister Mumtaz al-Saeed told reporters on Saturday.

“We have offered an invitation to the IMF delegation to visit Egypt in the coming period,” Saeed said without specifying when exactly the visit will take place.

An IMF deal would help Egypt stave off a budget and balance of payments crisis and add credibility to economic reforms needed to restore the confidence of investors who fled the country after a popular uprising last year.

Saeed, who was selected to remain in his post in the new cabinet sworn in last Thursday, also said he expected a growth rate of 3.5-4 percent in 2012-2013 fiscal year.

Reuters