International Monetary Fund Managing Director Christine Lagarde called Egyptian President-elect Mohamed Mursi and reiterated that the IMF stands ready to support Egypt and looks forward to working closely with the authorities in Cairo.

Muslim Brotherhood officials have said they plan to resume the previous government’s stop-and-start negotiations for a $3.2 billion IMF loan.

Thus far there is no word on the details behind any such loan, particularly how it will be handled under Shariah law. Muslim Brotherhood leaders have previously stated that Egypt’s financial system will be Shariah-compliant under their rule and Mursi himself has stated that Shariah will be the basis for all law in Egypt.

Customarily, the IMF charges low interest rates on its loans, but it does not usually lend out money for free.

It will be interesting to see how this plays out…



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