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IMF says Egypt economy deteriorating, needs reform plan to move ahead with $4.8 billion loan

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(Globalpost/GlobalPost)

WASHINGTON - The IMF says Egypt's financial situation is deteriorating and the organization is awaiting updated economic information and reform plans from the government in Cairo before it can move ahead with a deal on a $4.8 billion loan.

Egypt's negotiations with the IMF for the loan have dragged on for more than a year. The deal for the loan is expected to usher in widely unpopular austerity measures.

IMF spokesman Gerry Rice told reporters at a media briefing on Thursday that the IMF has not discussed or scheduled any future mission to Egypt yet because it is awaiting fresh economic data.

http://www.globalpost.com/dispatch/news/the-canadian-press/130509/imf-egypt-economy-deteriorating-needs-reform-plan-move-ahead