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UPDATE 1-IMF mission expected to visit Egypt by end of September
September 13, 2012 / 3:16 PM / 5 years ago

UPDATE 1-IMF mission expected to visit Egypt by end of September

WASHINGTON, Sept 13 (Reuters) - An International Monetary Fund mission is expected to visit Egypt before the end of the month to discuss the country’s request for a $4.8 billion loan program, an IMF spokesman said on Thursday.

“It would be premature for me to discuss conditions or measures of the possible program” since talks have not begun, IMF spokesman Gerry Rice told reporters in response to a question about whether the IMF would pressure Egypt to devalue its currency in order to receive aid.

“But what I can say, in general, the Fund would like to support a home-grown program in Egypt that addresses the economic and social challenges that Egypt is facing,” he said.

Egypt’s prime minister expects to conclude a $4.8 billion IMF loan deal within two months and is in talks for additional budget support worth about $1 billion from the World Bank and the African Development Bank (AfDB), he said on Sunday

The United States also has been in talks with Cairo on $1 billion debt forgiveness package, which would use the funds to support development programs in Egypt.

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