Egypt-IMF talks end without deal, IMF cites progress

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16.04.2013, 12:16

Negotiations between Egypt and an International Monetary Fund mission ended without agreement on a proposed $4.8 billion euro loan to help tackle a severe economic crisis, but an IMF statement cited progress and said talks would continue, CNBC reported referring to Reuters.

Egypt-IMF talks end without deal, IMF cites progress

YEREVAN, April 16. /ARKA/. Negotiations between Egypt and an International Monetary Fund mission ended without agreement on a proposed $4.8 billion euro loan to help tackle a severe economic crisis, but an IMF statement cited progress and said talks would continue, CNBC reported referring to Reuters.

"The mission made progress in the discussions with the Egyptian authorities on their economic programme and possible financial support from the IMF," a statement issued early on Tuesday after 12 days of taks in Cairo.

"Discussions with the authorities will continue with the objective of reaching agreement on a possible standby arrangement in support of Egypt."

It was the second time in four months that the process had stalled. A provisional IMF agreement reached in November was suspended by Egypt the following month amid political protests over the extent of President Mohamed Mursi's powers. –0--

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