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World

IMF chief in Egypt for talks over $3.2 billion aid

Associated Press
Published | Updated

CAIRO – International Monetary Fund chief Christine Lagarde is in Egypt to try to revive stalled talks over a $3.2 billion aid package for its battered economy.

Lagarde is set to meet Egyptian President Mohammed Morsi and his newly appointed Cabinet during two days of talks, starting Wednesday.

Egyptian Finance Minister Momtaz el-Said has said Egypt hopes to increase the loan to $4.8 billion, to cover budget deficits resulting from shrinking tourism and foreign investment revenues in the aftermath of last year's uprising.

Talks with IMF stalled over differences within the Egyptian leadership. Now that Morsi has taken office and the parliament has been dissolved, agreement might be easier to achieve.

The IMF demands a comprehensive Egyptian recovery plan addressing economic imbalances, protecting the poor and generating foreign investor confidence.