Egypt says IMF deal doesn't need approval by MPs
Egypt denied on Monday that a $4.8 billion loan requested from the International Monetary Fund would be put to a yet-to-be-elected parliament for approval, a move that could have delayed the dispersal of funds. Any hold-up could shake the confidence of investors who have been cheered by Egypt's progress with seeking the loan, needed to plug holes in the country's budget and balance of payments. Alaa El Hadidi, the spokesman for Prime Minister Hisham Kandil, said that in the absence of a parliament - the chamber was dissolved in June - President Mohamed Mursi had legislative powers and could approve any agreement. "In accordance with the constitutional declaration, any international agreement needs to be approved by the legislative authority, and in the absence of parliament, President Mohamed Mursi is empowered to take such decisions," he told Reuters. Earlier, Egyptian state TV carried a report quoting Kandil as saying the IMF deal would be put to parliam...

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