Talks between Egypt and IMF end without agreement

Talks between the International Monetary Fund and Egypt have ended without an agreement regarding a proposed loan of $4.8 billion to help Cairo deal with its severe economic crisis.

However, in a statement issued early on Tuesday morning after 12 days of negotiations in Cairo, the IMF said that its delegation made progress in the negotiations with the Egyptian authorities regarding their economic programme and the potential financial aid from the Fund. “Talks with the authorities will continue in order to reach an agreement in regards to a possible Stand-by Agreement to support Egypt.”

This is the second time in four months that such negotiations have stalled. The original agreement with the IMF was reached last November, but Egypt postponed ratification in December in light of political protests over the extent of President Mohammad Morsi’s powers.