Cairo – Mubasher: Egypt said it had reached an initial agreement with the International Monetary Fund (IMF) to obtain a 3-year, $12 billion loan.
“I am pleased to announce that, in support of the government’s economic reform program, the Egyptian government, the Central Bank of Egypt (CBE) and the IMF team have reached a staff –level agreement on a three Extended Fund Facility (EFF) in the amount of SDR 8.5966 billion (422% of quota or about $12 billion,” said Chirs Javris, head of IMF commission to Egypt.
The IMF statement noted that this agreement is subject to approval of the IMF’s executive board, which is expected to consider Egypt’s request in the coming weeks.
