Egypt to discuss $4.8bn loan from IMF
- Egypt: Thursday, August 16 - 2012 at 11:15
Egypt's finance minister has said the government will discuss the possibility of a bigger-than-expected $4.8bn loan from the International Monetary Fund this month, when head Christine Lagarde will lead a delegation to Cairo on August 22, Reuters has reported. An exodus of foreign investors in the wake of the turmoil left local banks shouldering almost all short-term lending to the state, sending its borrowing costs to unsustainable highs. "We will discuss, in the negotiations we are to carry out with the IMF, increasing the loan to $4.8bn," finance minister Mumtaz al-Saeed told reporters in Cairo, adding that he asked the US on Tuesday for a $500m grant to support the state budget.
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