Egypt to resume talks with IMF in January

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Associated Press

Posted on December 30, 2012 at 8:35 AM

Updated Sunday, Dec 30 at 9:01 AM

CAIRO (AP) — Egypt's prime minister says his country will resume talks in January with the International Monetary Fund over a $4.8 billion loan, after they were suspended during this month's political turmoil over the now-adopted constitution.

Egypt is grappling with a crippling budget deficit and dwindling foreign reserves. The government hopes the loan will attract needed foreign investment.

Talks with the IMF were derailed amid large rallies organized by opponents of the constitution. The protests turned violent, leaving at least 10 dead.

The government suspended the talks which would have resulted in austerity measures, surely to add to public discontent.

On Sunday, Prime Minister Hesham Kandil said his government will start a public discussion of the plan and hopes that there will be "no drastic changes."

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