The Cabinet has made progress in talks with the International Monetary Fund (IMF) on a US$4.8 billion loan and will continue negotiations next week, Finance Minister Morsy Hegazy said on Thursday.
"Talks are continuing with the delegation. There is progress," Hegazy told reporters after a round of talks with IMF officials. Discussions are "going in the right direction,” added Hany Gadra, a finance ministry official. Neither elaborated.
A Cabinet spokesperson also said new aid from Qatar and Libya worth US$5 billion, unveiled on Wednesday, would not "affect the government's determination ... to reach a deal with the IMF," according to a statement.
After two years of political upheaval, foreign currency reserves have fallen to critically low levels, threatening Egypt's ability to buy wheat, of which it is the world's biggest importer, and fuel.
Reuters, via Egypt independent