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Report: Egypt sets meeting with IMF

Jan. 5, 2013 at 1:09 PM

CAIRO, Jan. 5 (UPI) -- Egypt's president will meet next week with the International Monetary Fund on a major loan to maintain the nation's economy, sources told an Egyptian newspaper.

State-run Al-Akhbar reported Saturday President Mohamed Morsi and Prime Minister Hesham Kandhil would meet with a high-ranking IMF official Monday to discuss the proposed $4.8 billion loan package.

President Mohamed Morsi will meet Monday with Massoud Ahmed, head of the Middle East department at the International Monetary Fund, the newspaper said on its website, adding talks about the loan are expected to be part of the meeting.

The Cairo delegation will also meet with various economic advisers and representatives of the central bank.

Economic experts generally consider the loan to be vital to stabilizing Egypt's economy, which has been wobbly since the overthrow of President Hosni Mubarak in 2011, al-Masr, al-Youm said Saturday.

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