IMF Visit To Egypt Delayed For Few Weeks

An expected visit by the International Monetary Fund (IMF) to Egypt this month to discuss the country’s economic problems has been delayed for “a few weeks”, independent daily al-Shorouk cited a government minister as saying on Tuesday.

Egypt, whose economy was hammered by the uprising that unseated Hosni Mubarak in February, turned down a $3 billion IMF facility in June last year, with the ruling military generals reluctant to work up debts without a popular mandate.

Economists say it now risks a full-blown currency and budget crisis unless it can drum up urgent funding from abroad and ministers have indicated Egypt may now be prepared to return to the negotiating table.

The IMF’s visit was postponed upon the request of the Egyptian governmentbecause of its busy agenda and the IMF would be informed of a new date, the newspaper quoted Planning and International Cooperation Minister Faiza Abu el-Naga as saying.

The IMF said in late December it remains “in close contact” with Egyptian authorities on possible funding. Its visit to Cairo was already delayed from mid-December because of security concerns.