IMF will loan $12 billion to Egypt

The IMF is ready to help Egypt plug a funding gap of up to US$12 billion as the country seeks to rebuild its economy.

Samir Radwan, Egypt’s finance minister, said on Tuesday the country was seeking a loan of about $4bn from the IMF.

The interim government is facing pressure to create jobs and raise wages and subsidies. But government spending power is limited after a drop in foreign investment and tourism revenues. Egypt’s fiscal deficit is expected to swell from about 8 per cent to double-digits this year, said Standard & Poor’s ratings agency.

The National

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This entry was posted on Thursday, April 28th, 2011 at 4:22 pm and is filed under Modern Egypt. You can follow any responses to this entry through the RSS 2.0 feed.