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Egypt has resumed “preliminary” loan negotiations with the IMF, local daily Al-Masry Al-Youm says, citing government sources. The amount has yet to be determined but Cairo conducted drawn-out discussions with the IMF with a view to finalizing a $4.8bn loan in the aftermath of the country’s 2011 ‘revolution’ (MEES, 23 November 2012).
Egypt’s financial position improved significantly in mid-2013, after it received grants totaling $12bn from Saudi Arabia ($5bn), Kuwait ($4bn) and the UAE ($3bn), following the ousting of Islamist president Muhammad Mursi (MEES, 27 September 2013). This cash injection and subsequent volumes in 2014 and 2015 gave new President Abdel Fatah al-Sisi the breathing space to shun the IMF. (CONTINUED - 432 WORDS)