IMF and Egypt loan deal 'in the coming weeks'

Apr 22, 2013, 11:41 AM EDT
International Monetary Fund (IMF) Managing Director Christine Lagarde speaks at the seminar on Fiscal Policy, Equity, and Long-Term Growth in Developing Countries during 2013

The International Monetary fund and Egypt said they will continue work to reach a loan agreement 'in the coming weeks,' in a joint statement following a meeting between the IMF's director, Christine Lagarde and Egyptian delegation headed by the Governor of the Central Bank of Egypt Hisham Ramez, Finance Minister Al-Mursi Hegazy. The $4.8 billion loan that would help Egypt fight a deepening economic crisis has been in the process of being approved over the last several months, as the country's dire situation continues to aggravate.