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U.S. to scrap $260mln aid if Egypt fails to secure IMF loan

U.S. to scrap $260mln aid if Egypt fails to secure IMF loan

William Taylor, US Special Coordinator for Middle East Transitions, ruled out inking a free-trade agreement with Egypt soon, adding that, assuming that the accord is endorsed by the Congress, talks may take five years.

Meanwhile, Taylor warned that the U.S. may cancel a $260 million financial backing to Egypt if the North African country fails to sign a loan agreement with International Monetary Fund (IMF).

This financial aid is part of the 450 million pledged by the U.S. government for Egypt. Egypt has already received $190 million.