Egypt looking for $12bn IMF loan

Egypt is in negotiations with the International Monetary Fund (IMF) to obtain a loan of $12 billion over three years.

The loan would be used to help implement the government’s reform programme. The scheme requires $7 billion each year.

A further $9 billion would be gathered by issuing international bonds on world markets, funding from the World Bank, privatising six state-owned companies and other sources.

“Engineer Sheriff Ismail, president of the Council of Ministers, called for an immediate meeting today [Tuesday] with the Ministerial Economic Committee and the governor of the Central Bank. The meeting duration was five hours to review recent developments in exchange markets and economic conditions and finance. He also discussed economic indicators for the future and figures of the public budget for the fiscal year 2016/2017,” a cabinet statement said.

“The meeting started with the review of the results of the negotiations which started three months ago with the International Monetary Fund, which approached the final stages focusing on the support of the fund for the economic reform programme adopted and implemented by the Egyptian government.”