Egypt Renews Talks with IMF after Loan Negotiations Interrupted by Demonstrations

Egyptian officials had hoped negotiations for a $4.8 billion loan from the International Monetary Fund would have been completed before talks were interrupted by the violent anti-constitution demonstrations. While waiting for the details to be finalized, the Egyptian currency continued to fall against the US dollar, and foreign reserves reached “critical” levels. Egypt’s central bank is limiting cash withdrawals and is taking measures to discourage the loss of foreign capital. An IMF committee had approved the loan, but it still has to be ratified by the IMF board.