Egypt's economic situationis "worrisome" and it needs quick measures to restore economic activity, the planning minister told the state news agency MENA on Saturday as Egypt holds talks with the IMF on a $4.8 billion loan.
After two years of political turmoil, Egypt is struggling with an economic crisis and a high budget deficit. Foreign currency reserves are critically low, limiting its ability to import wheat and fuel.
An International Monetary Fund (IMF) delegation resumed long delayed talks with the government on Wednesday on a loan, which would throw Egypt a financial lifeline and potentially unlock a much larger amount in foreign aid and investment.
"The economic situation has become worrisome and quick measures are needed to restore (economic) activity," Planning Minister Ashraf al-Araby said, according to MENA.
Araby described the IMF talks as "positive" and said he hoped Egypt would reach a deal in principle with the global lender within two weeks, MENA said. The IMF has made no comment on the negotiations and set no deadline for their conclusion.