Kerry: Egypt deal with IMF of paramount importance

March 2, 2013 19:22

CAIRO - Egypt's need to reach a loan deal with the IMF is "paramount", US Secretary of State John Kerry said on Saturday.

Kerry also said he was certain that US cooperation with Egypt can only happen if Cairo makes the right fundamental choices regarding the International Monetary Fund.

Egypt said on Thursday it would invite an IMF team to reopen talks on a $4.8 billion loan, and the Investment Minister Osama Saleh expressed hope that a deal could be done by the end of April.

"It is paramount, essential, urgent that the Egyptian economy get stronger, that it gets back on its feet," Kerry told Egyptian and US Executives in Cairo. "It's clear to us that the IMF arrangement needs to be reached, that we need to give the market that confidence."

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