US Welcomes Resumption of Egypt-IMF Talks

The Egyptian government said Sunday that visiting US Deputy Secretary of State William Burns had welcomed the imminent resumption of talks between it and the International Monetary Fund (IMF) over a proposed $4.8 billion loan to Egypt.

The Egyptian government said Sunday that visiting US Deputy Secretary of State William Burns had welcomed the possible resumption of talks between it and the International Monetary Fund (IMF) over a proposed $4.8 billion loan to Egypt.

Interim Prime Minister Hazem al-Beblawi has briefed US officials on economic developments in the country, according to a Friday government statement, which added that the government had plans for reviving Egypt’s ailing economy.

Egypt has long been in negotiations with the IMF over a proposed $4.8 billion loan to help shore up its faltering economy. Despite months of talks, however, agreement on the loan’s terms have yet to be reached.

Last month, the IMF announced that it would not reengage in loan talks until Egypt’s interim government had secured recognition from the international community.

“It’s a case of the international community… its institutions, its nations, coming together and recognizing a particular government,” IMF Deputy Spokesman William Murray said.

On Friday, however, IMF Managing Director Christine Lagarde said the international lender was waiting for the “right time” to resume loan talks.

“Obviously, the situation has evolved, has been very unsettled, and everybody is watching the situation,” Lagarde said. “We try to be as ready as we can when the time comes for Egypt to re-initiate discussions with us.”

Source: World Bulletin