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Egypt must keep outlook, policy steady for IMF loan review

Source: Thomson Reuters Foundation - Tue, 27 Nov 2012 11:33 GMT
Author: Reuters
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CAIRO, Nov 27 (Reuters) - The International Monetary Fund's board will require there is no major change in economic outlook or policy when it considers approving a ${esc.dollar}4.8 billion loan to Egypt, an IMF spokeswoman said.

The loan deal was agreed in principle this month.

Spokeswoman Wafa Amr was responding in an emailed statement to questions about whether President Mohamed Mursi's decree to extend his powers would threaten the preliminary loan deal, seen as vital to rebuilding confidence in Egypt's economy.

"Consideration of the agreement by the IMF Executive Board will require that there is no major change in the economic outlook and implementation plans," she said. Officials have said the loan would be reviewed by the board on Dec. 19.

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