Minister: IMF deal delayed to explain reforms to Egyptians

December 11, 2012 15:43


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CAIRO - Egypt has agreed with the International Monetary Fund to delay a deal for a $4.8 billion by a month after the IMF board had been expected to approve it in December, Finance Minister Mumtaz al-Said said on Tuesday.

"Of course the delay will have some economic impact but we are discussing necessary measures (to address that) during the coming period," he told Reuters by telephone, adding: "I am optimistic ... everything will be well, God willing."

He said the delay would give time to explain an economic reform package after media criticism prompted the government to postpone measures that were part of the program.

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