An official from the International Monetary Fund (IMF) said in a statement on Tuesday that a technical mission from the IMF will visit Egypt within the next few weeks to resume negotiations on the $4.6 billion loan that the country has requested.
Masood Ahmed, the IMF's director for the Middle East and Central Asia, said that the IMF is committed to supporting Egypt in its economic challenges, reported the Middle East News Agency.
Egypt officially requested the loan in August 2012 for the IMF to decide on it in December but the process was adjourned due to political instability that erupted when President Mohamed Mursi issued a constitutional decree expanding his powers in November.
Ahmed met with Mursi and Prime Minister Hisham Kandil in Cairo on Monday where Kandil told the IMF official of the cabinet's plans to recover the looming economy.
The IMF senior official described the talks with the Egyptian government as “productive.”
The Egyptian pound has lost more than four percent of its value to the U.S. dollar since December 30 when the Central Bank began a new plan to sell hard currency in an attempt to curb the decline in foreign currency reserves.