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IMF chief arrives in Cairo

Aug. 22, 2012 at 11:45 AM   |   Comments

CAIRO, Aug. 22 (UPI) -- Egypt is seeking a $4.8 billion loan from the IMF to help boost an economy struggling to recover from the pressure of last year's revolution, a minister said.

International Monetary Fund Managing Director Christine Lagarde arrived Wednesday in Cairo for meetings with Prime Minister Hesham Kandil and representatives from the Finance Ministry. Meetings are with Egyptian President Mohammed Morsi.

Egyptian Finance Minister Momtaza el-Said said Cairo was seeking a $4.8 billion loan to help an economy hurt by the lack of foreign investments since the revolution in 2011, reports Egyptian news agency al-Ahram.

Economic officials told al-Ahram last week that Lagarde would be able to review an Egyptian economic program based on "social justice."

Apart from economic issues, Egypt's security challenges were highlighted by recent militant attacks in the Sinai Peninsula.

Victoria Nuland, a spokeswoman for the U.S. State Department, said there were serious concerns about the security situation in the region. She added, however, that the Egyptians were "enhancing their posture to deal with security threats in Sinai."

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