US offers Egypt budget aid after IMF assurances

John Kerry meets the Egyptian President Mohammed Morsi
President Morsi (right) has assured John Kerry that he plans to "complete the IMF process". Credit: AA/ABACA

The US Secretary of State John Kerry has announced that Egypt will receive $190 million in budget aid after Egyptian President Mohamed Morsi agreed to new austerity measures.

Morsi's administration has said it wants to reopen talks with the IMF on a $4.8 billion loan which was agreed in principle last November but suspended at Cairo's request following street unrest.

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