Egyptian Prime Minister Hisham Qandil said Thursday that he was hopeful the long-delayed process for the country to receive a $4.8 billion loan from the International Monetary Fund to help stabilize its faltering economy was back on track.
Speaking to reporters, Mr. Qandil said that he had spoken to IMF Managing DirectorChristine Lagarde here and agreed that a delegation from the IMF would visit Egypt in the coming two weeks and believed they would complete a deal before they left.
The loan is needed for the economy beset by problems following its revolution in 2011, but it has been subject to numerous delays.
The IMF had previously indicated a team would go to Egypt soon and they were hopeful of a deal.
Mr. Qandil also said he hoped the new government in Israel could create a "change in the peace process" but that this would require the backing of all parties including those outside the region.