Egypt's annual economic growth rate will hit 3 percent by end-June, below the government's projected 4 percent because of political instability, the Planning and International Cooperation Minister said on Monday.
In remarks reported by the state news agency, Ashraf al-Araby also said the rate of annual growth was around 2.5 percent in the three months ending in December. Egypt's fiscal year runs from July to June.
Referring to the 4 percent growth rate targeted by the government, Araby said: "The current political events hampered that."
The Egyptian economy has been hit by more than two years of turmoil since the popular uprising that swept Hosni Mubarak from power in February 2011. The unrest has driven away tourists and investors. (...)
Government officials have repeatedly said they expect an IMF delegation to arrive soon to complete talks on the loan, which was agreed in principle in November but postponed in December at Cairo's behest because of the political turmoil in the country.
Araby said the IMF delegation would arrive "in the next few weeks" to finish the talks.