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FINANCIAL NEWS
Egypt requests IMF loan of USD3.2b
17 Jan 2012
(MENAFN) Egypt’s Planning and International Cooperation Minister, Faiza Abu el-Naga, said that the government asked the International Monetary Fund (IMF) for a USD3.2 billion loan, reported Arab News.
Abu el-Naga added that the money would be used to support a homegrown program that Egypt was working to finalize at the current time, adding that the country wanted a deal as soon as possible; moreover, it might ask the fund for more than USD3.2 billion.
On the other hand, IMF regional director, Masood Ahmed, said many technical details of an agreement should be resolved, underlining that the money would be disbursed over 18 months, and the interest rate would be near 1.5 percent.
It is worth noting that in June, the previous government refused an offer of USD3 billion in financial aid from the IMF, nevertheless, Egypt’s funding problems have worsened and its currency has come under heavy pressure since then.
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