US supports IMF loan for Egypt to stabilize economy

April 24, 2013 17:17

WASHINGTON - US Treasury Secretary Jacob Lew on Wednesday expressed US support for an international loan for Egypt to help stabilize the country's economy, and said the International Monetary Fund was still engaged in discussions about a $4.8 billion loan.

"What the IMF is seeking in Egypt is the kind of commitments that would be reliable," Lew said during a hearing at the US House of Representatives appropriations subcommittee."It would be very much in the United States' best interests for Egypt to be on a more sustainable course."

An IMF mission failed to conclude a loan deal during a 12-day visit to Cairo this month but talks are set to continue in coming weeks. The IMF has urged Egypt to reduce energy subsidies to help shore up government finances.

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