Egypt To Resume Talks With IMF In January

By: AP
By: AP

CAIRO (AP) -- Egypt's prime minister says his country will resume talks in January with the International Monetary Fund over a $4.8 billion loan, after they were suspended during this month's political turmoil over the now-adopted constitution.

Egypt is grappling with a crippling budget deficit and dwindling foreign reserves. The government hopes the loan will attract needed foreign investment.

Talks with the IMF were derailed amid large rallies organized by opponents of the constitution. The protests turned violent, leaving at least 10 dead.

The government suspended the talks which would have resulted in austerity measures, surely to add to public discontent.

On Sunday, Prime Minister Hesham Kandil said his government will start a public discussion of the plan and hopes that there will be "no drastic changes."

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  • by CarolineS Location: Chicago on Jan 22, 2013 at 05:19 AM
    Egypt is basically loaded with loans and that what scares me. Since really the United States has just significantly increased its general debt and I wonder, despite it being way larger than Egypt, should we be expecting same fate for us as well? We also have budget deficit, but keep on spending billions of money on some nonsense. Families are struggling with their unpaid mortgages and pay day loans. Financial situation is not getting any better at all!
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