Egypt

Senior IMF Official in Egypt Over Currency Crisis

Egypt wants a $4.8 billion loan

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A senior IMF official met Egypt's government on Monday for talks on a vital $4.8 billion loan as the Arab state battles to contain a currency crisis set off by political turmoil that is depleting its foreign reserves.

The IMF's Middle East and Central Asia director, Masood Ahmed, met Prime Minister Hisham Kandil at the start of a visit coinciding with a sharp decline in the value of the Egyptian pound, which has hit a series of record lows against the dollar.