Egypt’s chief negotiator with the International Monetary Fund has resigned, Reuters is reporting.
Hany Kadry Dimian was also the country’s deputy finance minister was in post for six years and his resignation is a worrying step for Egypt’s talks over a $4.8 billion loan from the International Monetary Fund.
Dimian said, “the only comment I can make for the time being is that yes, my term ends on April 30 according to my resignation, which I submitted in December,” in an interview with Reuters, before adding, “my next move is not decided.”
Egypt’s economy has struggled significantly since the 2011 revolution that ousted former President Hosni Mubarak, with unprecedented flights of capital, with companies being unable to gain enough foreign currency.
The negotiations with the IMF have been on the brink of concluding for months, as Egypt seeks to restructure its economy to appease the Washington-based financing body. As part of the deal Cairo is drastically reducing subsidies to the poor, including on wheat, electricity and fuel.