IMF team to arrive in Egypt on Wednesday for loan talks

CAIRO, March 31 | Sun Mar 31, 2013 5:51am EDT

CAIRO, March 31 (Reuters) - An International Monetary Fund delegation will arrive in Egypt on Wednesday for talks with the government on a $4.8 billion loan, Egypt's government spokesman Alaa El Hadidi said on Sunday.

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.

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