Egypt does not need to start fresh negotiations for IMF aid now. Aid from Arab states will carry it through its transition period. The new minister of planning, U.S.-educated economist, Ashraf al-Arabi, told reporters on Monday when he also announced that he had accepted his new post in the government led by liberal economist Hazem el-Beblawi. Arabi spent most of his career at Egypt's National Planning Institute, and served in the same capacity under deposed President Mohamed Mursi until May, 2013. Egypt was negotiating with the IMF last year for a $4.8 billion loan programme, but did not reach agreement despite months of negotiations. The Egyptian economy has been hit hard by street violence and political turmoil since a 2011 uprising against former leader Hosni Mubarak. The army deposed President Mohamed Mursi on July 3 and has laid out a roadmap for an interim period leading to parliamentary elections in about six months. Since Mursi was toppled, Saudi Arabia, the United Arab Emirates and Kuwait have offered Egypt $12 billion in cash, loans and fuel aid.