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IMF task force to visit Egypt for $4.8bn loan talks

days in Early February
Cairo, Egypt

Published: 4 Jan 2013 | By Yafit Lazar and 4 others | Last updated: 28 Feb 2013
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IMF task force to visit Egypt for $4.8bn loan talks -
Egypt
flickr-mayanais

An IMF task force is to visit Egypt in order to continue talks regarding a crucial $4.8 billion loan. 


"They are coming this month," Government spokesman Alaa el-Hadidi confirmed early January. "The purpose is to reassure them that we agreed on last time is still there, and nothing has changed," the spokesman added.


The high-level working group met for the first time on November 14, 2012 in Cairo.


Egypt needs the loan to finance its budget and balance its payments deficits, which have rapidly increased since nationwide protests ousted President Hosni Mubarak in 2011. According to the Egyptian central bank, the country's reserves are at a critical level.


Loan talks were stalled in face of political rallies against President Mohammed Morsi over a new constitution which was approved by referendum late December.


"We hope that there will not be any fundamental changes in our plan with the IMF," prime minister Hisham Qandil said late 2012.


In return for the loan, the IMF wants Egypt to take long-term measures in order to decrease its budget deficit. It has also argued that steps must be taken to reduce Egypt's expensive fuel subsidies.

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About this event
Created by Yafit LazarCreated by Yafit Lazar
on Fri 24 Aug 2012
Modified by Maja MicudovaLast modified by Maja Micudova
on Thu 28 Feb 2013

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Location: Cairo, Egypt
Earliest date: Friday 1 February 2013
Latest date: Sunday 10 February 2013
Planning: confirmed
Ended: 622 days ago

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Jacob Lippincott

Jacob Lippincott

Senior Cairo correspondent

Location: Cairo, Egypt

Language: English

Jacob Lippincott is a journalist at IPS Inter Press Services based in Cairo. Mr. Lippincott has previously worked as a foreign c... moreJacob Lippincott is a journalist at IPS Inter Press Services based in Cairo. Mr. Lippincott has previously worked as a foreign correspondent for Global Radio News and France 24.

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Borzou Daragahi

Borzou Daragahi

Cairo correspondent

Location: Cairo, Egypt

Language: English and Farsi

Borzou Daragahi is a print and radio journalist and the former Baghdad bureau chief for the Los Angeles Times. Since September 2... moreBorzou Daragahi is a print and radio journalist and the former Baghdad bureau chief for the Los Angeles Times. Since September 2011, he has been a Cairo-based Middle East and North Africa correspondent for the Financial Times.

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Eileen Byrne

Eileen Byrne

North Africa correspondent

Location: Tunis, Tunisia

Language: English , French and Spanish

Eileen Byrne is a freelance journalist based in Tunis, Tunisia. She has worked all over the world, specifically in the Latin Ame... moreEileen Byrne is a freelance journalist based in Tunis, Tunisia. She has worked all over the world, specifically in the Latin American world. She has written for Mexico City News, Agence France-Presse, and the Daily Journal in Caracas. In addition to the aforementioned, Eileen's works have also appeared in The Independent, Index on Censorship, Middle East International and The Economist. She is fluent in French, Spanish and some Arabic

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