IMF to send team to Cairo for loan talks

The International Monetary Fund will send a team of experts to Cairo to discuss possible financial support for the Eygptian economy, AFP reports citing a senior IMF official. Masood Ahmed, director of the IMF's Middle East and Central Asia department, said he had "productive" talks in Cairo on Monday with Egyptian President Mohamed Morsi and top officials on the challenges facing the fragile economy. "They expressed their firm commitment to articulate and implement a homegrown macroeconomic program that enjoys broad support and addresses these challenges," Ahmed said in a statement. The authorities also reiterated their request for financial support from the IMF, he said. Morsi's government is seeking a $4.8 billion loan. "I am encouraged by the authorities' commitment to take steps necessary to achieve fiscal and external sustainability," Ahmed said. "Following our discussions today, and based on the work that is to be carried out, we agreed that an IMF technical team would visit Cairo in the coming weeks to resume discussions on possible IMF financial support." Ahmed stressed the IMF's commitment to bolstering Egypt in the face of increasing economic challenges.