Lagarde tells Morsi IMF ready to support Egypt

The International Monetary Fund's chief has told Egypt's new president that the crisis lender is ready to help Cairo, an IMF spokeswoman said on Friday.

Christine Lagarde taked with Mohamed Morsi by telephone on Thursday to congratulate him on his election which "represents an important step forward in Egypt's transition," the spokewoman said.

Morsi and Lagarde discussed Egypt’s economic situation and the best ways for the IMF to help, she added, with Lagarde reiterating "that the IMF stands ready to support Egypt and looks forward to working closely with the authorities.”

Egypt's interim government has over the last year held sporadic talks with the IMF regarding a possible $3.2 billion loan to help it bridge fiscal shortfalls while restructuring the economy.

But the IMF has repeatedly said Egypt needs a permanent government in place to agree to the loan programme, stressing in April that it requires a broad consensus from the country's various political currents.