By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE) – The International Monetary Fund (IMF) Monday said it considering possible financial support to Egypt; following the visit of Masood Ahmed, its Director of the Middle East and Central Asia Department.

This is contained in a Statement from the Fund and made available to www.investadvocateng.com.

Ahmed said The IMF remains committed to support Egypt in addressing its increasing economic challenges and moving to a more inclusive model of economic growth through a socially-balanced homegrown program.

“I am encouraged by the authorities’ commitment to take steps necessary to achieve fiscal and external sustainability. Following our discussions today, and based on the work that is to be carried out, we agreed that an IMF technical team would visit Cairo in the coming weeks to resume discussions on possible IMF financial support” he said.

According to the IMF’s Director of the Middle East and Central Asia Department, he held productive discussions with President Morsi, Prime Minister Kandil, and Egypt’s economic team on the economic and financial challenges now facing the Egyptian economy; whom expressed their firm commitment to articulate and implement a homegrown macroeconomic program that enjoys broad support and addresses these challenges. “The authorities also reiterated their request for financial support from the IMF for such a program” Ahmed said.