News Updates EGYPT UPDATE The new government in Egypt has issued a formal invitation to the IMF to resume talks on the $3.2 billion loan. The finance minister made the announcement to the press shortly after all members of the president's cabinet had been sworn in. The loan is needed to avoid any budget funding shortfalls and to help with balance of payments schedules.Egypt's trade deficit is said to be running at $35 billion, with the country's exports dropping by 14 percent as its export business for fertilizer, clothing, fruit and dairy products shrank. Egypt's imports are up by close to 20 percent, with the major areas being petroleum products, steel and grains. As a result of the recent grain price increases, the import costs will mo...