IMF Says Ready To Support Egypt

The International Monetary Fund (IMF) said on Tuesday it stands ready to support Egypt in dealing with its “significant immediate economic challenges” in the wake of its presidential election.

“Egypt faces significant immediate economic challenges, especially the need to restart growth and address the fiscal and external imbalances,” an IMF spokesperson said in a statement. “The IMF stands ready to support Egypt in dealing with these challenges and looks forward to working closely with the authorities.”

The lender called the election of the Muslim Brotherhood’s Mohamed Morsi “an important step” in the nation’s transition. Brotherhood officials have said they plan to pick up from the previous government’s stop-start negotiations for a $3.2 billion IMF loan, Reuters reported.