IMF says Egypt's economy deterioratingMay 9, 2013 @ 10:56 am
WASHINGTON (AP) - The IMF says Egypt's financial situation is deteriorating and the organization is awaiting updated economic information and reform plans from the government in Cairo before it can move ahead with a deal on a $4.8 billion loan.
Egypt's negotiations with the IMF for the loan have dragged on for more than a year. The deal for the loan is expected to usher in widely unpopular austerity measures.
IMF spokesman Gerry Rice told reporters at a media briefing on Thursday that the IMF has not discussed or scheduled any future mission to Egypt yet because it is awaiting fresh economic data.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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