IMF considers £3.2bn loan for struggling Egypt

Traders at the Egyptian stock exchange despair as their currency struggles. Credit: Reuters

An International Monetary Fund delegation will arrive in Egypt on Wednesday for talks with the government on a $4.8bn (£3.2bn) loan, Egypt's government spokesman Alaa El Hadidi said today.

More than two years of political upheaval have battered the Egyptian economy, leaving it in dire need of IMF funding to relieve a currency and budget crisis.

President Mohamed Mursi's government initialled a deal with the IMF last November but postponed final ratification in December in the face of unrest triggered by a political row over the extent of his powers.