Egypt seeks $4.8B loan from IMF

Egypt’s crisis-stricken economy may get a fresh infusion of confidence with a senior International Monetary Fund (IMF) official due in Cairo on Monday to resume discussions about a much-needed $4.8 billion loan.

“Some positive developments should happen soon, given the critical juncture that we are in at the moment and the need to act swiftly,” Allen Sandeep, Director of Research at Naeem Holding, told CNBC.

Just ahead of the visit the Egyptian government announced a cabinet reshuffle, including the appointment of a new finance minister, Al-Mursi Al-Sayed Hegazy, who stated he was “completely ready to complete discussions” with the IMF.

Via – CNBC

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