The IMF's director for the Middle East and North Africa, Masood Ahmed, said Saturday that the fund is reviewing Egypt's budget procedures before continuing talks on the US$4.8 billion loan Egypt had requested.
Ahmed said in statements to the press that the Egyptian government is keen to move forward on the agreement for the IMF loan, based on what it told IMF officials at the beginning of January, but added that the fund needs to ensure that Egypt will be able to implement the loan before granting final approval.
Ahmed also said that the IMF supports measures taken by Egypt to maintain and strengthen international reserves and help foreign exchange markets.
