The IMF had “productive discussions” with Egypt about a loan

The International Monetary Fund (IMF) today reported that the mission that traveled to Cairo this week had “productive discussions” with the Egyptian authorities, but did not specify details about the loan of 3,200 million dollars sought by Egypt.

“The purpose of the mission was to deal comprehensively with the Egyptian authorities to ensure there is a program that has broad political and social support,” said David Hawley, assistant IMF spokesman in a press conference.

In February, Egypt asked the IMF for a loan of 3,200 million dollars and another 1,000 million World Bank, although in the second half of 2011 had rejected a similar program for help with the argument that domestic remedies preferred financed .

The Fund’s mission was led by Masood Ahmed, director of Middle East multilateral organization, who met with members of the military government and parliamentary authorities.

The loan is to reduce the high budget deficit of Egypt, whose economy still shows weakness after the political and social turmoil experienced since last year.