Egypt: Election limbo keeps Egypt’s IMF loan on ice | Gulf Times

Once parliamentary elections are out of the way, Egypt stands a chance of securing an International Monetary Fund loan to help address its currency and budget crisis; the problem is that no one knows when that will be. With face-to-face contact between Egypt and the IMF re-established this week after a two-month gap, both sides are pushing for urgent action, but with strikingly different emphases. President Mohamed Mursi’s government wants a full $4.8bn loan, as agreed in principle last November, but based on a gentler reform programme than originally planned, “in light of preserving growth rates, employment and protecting the poor”. By contrast, the IMF’s top official for the region, Masood Ahmed, spoke only of “possible financial support” after he met the government and central bank in Cairo on Sunday.