Egypt negotiates with IMF for loan

CAIRO - Egypt discussed with the International Monetary Fund (IMF) the possibility to obtain a loan of $3.2 billion to support its economic reform, state media reported on Monday.

Egypt was negotiating with the IMF about a program to push the production cycle, provide job opportunities and regain the investors' confidence, official news agency MENA quoted Minister of Planning and International Cooperation Fayza Abul-Naga as saying at a press conference.

The talks with IMF included methods of boosting the Egyptian economic reform amid recent adverse economic circumstances, said Naga, adding that the meeting between Prime Minister Kamal el- Ganzouri and the IMF delegation focused on procedures to conduct economic and political reforms.