BREAKING NEWS

Egypt protests won't affect IMF deal, minister says

By REUTERS

NOVEMBER 29, 2012 17:52

BERLIN - Unrest in Egypt will not jeopardize a $4.8 billion loan deal with the International Monetary Fund, its foreign minister said on Thursday after a week of protests triggered by Egyptian President Mohamed Morsi's decision to extend his powers.

Egypt reached a preliminary agreement with the IMF last week for the loan seen as vital to shoring up the nation's finances. The IMF board is due to finalize the deal on December 19.

"What is happening now will not have an effect on the talks or the agreement with the IMF," Foreign Minister Mohamed Kamel Amr told a joint news conference in Berlin with his German counterpart Guido Westerwelle.

"There is an Egyptian consensus that this agreement must be pushed through."

A spokeswoman for the IMF said on Tuesday its board would require that there be no major change in Egypt's economic outlook or economic policy when it considers approving the loan.

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