BREAKING NEWS

IMF official in Egypt as currency crisis bites

By REUTERS

JANUARY 7, 2013 13:21

CAIRO - A senior IMF official met Egypt's government on Monday for talks on a vital $4.8 billion loan as the Arab state battles to contain a currency crisis set off by political turmoil that is depleting its foreign reserves.

The IMF's Middle East and Central Asia director, Masood Ahmed, met Prime Minister Hisham Kandil at the start of a visit coinciding with a sharp decline in the value of the Egyptian pound, which has hit a series of record lows against the dollar.

Before the visit, the International Monetary Fund had said Ahmed would discuss recent economic developments and "possible IMF support for Egypt in facing these challenges". Egyptian state media said the IMF team would stay for several days.

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