Egyptians Brace for Austerity as Govt. Seeks IMF Loan

Wednesday, representatives from the International Monetary Fund (IMF) will arrive in Cairo to enter into new rounds of negotiations, regarding a proposed $4bn loan to the country. Egypt, which has continued to struggle with social and economic difficulties since the political unrest of 2011 that resulted in the ousting of former President Hosni Mubarak, is seeking the IMF aid in the hopes of bolstering its rapidly deteriorating economy. Egypt’s current President Mohammed Morsi is reported to have initiated negotiations with IMF in November. However, he was forced to delay finalization of any potential initial deals until December, due to political…