Egypt reaches agreement with IMF
Egypt has reached an initial agreement with the International Monetary Fund's technical team, currently visiting Cairo, for a $4.8 billion loan, Egyptian Planning and International Cooperation Minister Ashraf El-Arabi announced Tuesday.
The loan proposal will be presented to the IMF's board of directors for final approval in December, El-Arabi was quoted as saying by state news agency MENA.
Details of the agreement will be unveiled Wednesday after they are presented to Egypt's cabinet, El-Arabi added.
- Is the Syrian crisis boosting Jordan's agricultural exports? Kingdom sees more than Dead Sea product exposure with 2014's increased fruit, veg, sheep trade abroad
- The only way is up! Dubai index pushes back, makes inroads to recover November performance
- What's its secret? Kuwait sustains non-oil growth for two years
- The reliable consumer: China on track to become biggest export market for GCC by 2020
- After the GCC 'happy' summit, is a customs union closer to reality?