IMF delegation to visit Egypt for talks over rescue loan

A technical delegation of the International Monetary Fund (IMF) will arrive in Cairo on Wednesday for talks on a 4.8 billion U.S. dollars loan aiming at boosting Egypt's ailing economy, the state-run MENA news agency reported on Sunday. "Egypt seeks to reach a final agreement with delegation on this fund because it will positively impact the Egyptian economy," Cabinet's spokesman Alaa al-Hadidi was quoted as saying. Hadidi said that the Egyptian economic reform program was on track according to the Cabinet plan regardless of the talks with the IMF. He denied as unfounded the reports alleging that the IMF offered "an emergency loan" to Egypt, saying that the news was mere speculations and analysis but it had nothing to do with official discussions with the IMF. Egypt is currently struggling to obtain the IMF's loan to give a hand to Egypt's lurched economy due to a turmoil and instability that hit the country for more than two years after January 25, 2011 upheaval that toppled former President Hosni Mubarak. Egypt's Finance Ministry said Thursday the country's budget deficit exceeded 21.5 billion U.S. dollars over the past eight months. In the meantime, a recent statement of the Central Bank of Egypt (CBE) reflected an alarming level of foreign currency reserves and showed the country lost over 22 billion U.S. dollars over the past two years.