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FINANCIAL NEWS
Egypt seeks to seal a USD3.2b loan with IMF
05 Aug 2012
(MENAFN) In its efforts to recover from last year’s revolt aftermath, Egypt is seeking to resume negotiations with the International Monetary Fund (IMF) on a USD3.2 billion loan, Reuters reported.
Finance Minister Mumtaz Al-Saeed said that Egypt has invited officials from the IMF to visit the country and resume talks over the loan.
An IMF loan agreement would help Egypt evade a budget and balance of payments crisis and add credibility to economic reforms needed to restore the confidence of investors to come back to the country.
The minister also said he expected a growth rate of 3.5-4 percent in 2012/2013 fiscal year.
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