IMF team in Egypt for talks on possible $3.2 bln loan

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CAIRO: An International Monetary Fund mission has arrived in Egypt for talks on a possible support package of $3.2 billion as the nation’s economy reels from the effect of months of protests following former president Hosni Mubarak’s ouster.

Egypt turned down an IMF loan of $3.2 billion in June, with officials saying at the time they did not want to saddle any new incoming civilian government with additional debt. But the months of unrest since Mubarak was pushed from power in February have driven away tourists and investors.

An Egyptian official said Monday the talks would focus on reaching the best conditions for providing Egypt with a financial boost amid the ongoing economic crisis. The official spoke on condition of anonymity because he was not authorized to speak to the media.

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