News24

IMF mission to Egypt for possible aid

2012-01-12 22:36

Cairo - The International Monetary Fund says it is sending a mission to Egypt to discuss possible financial aid to the country, following a popular uprising that has left its economy battered.

IMF spokesperson Gerry Rice said on Thursday in Washington that the mission headed to Cairo next week will "initiate discussions for possible IMF support" that would serve as the "first step" in the process leading to possible financial assistance.

Egypt turned down an IMF loan of $3bn offered in June. But it is facing dire financial difficulties, with the country's net international reserves dropping 50% in a year, while tourism and foreign investments have plummeted.

Egyptian authorities are worried about possible IMF conditions that could anger the population.