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.
- All talk: Why a GCC union does not matter for Arab countries' economies
- Aiding 'Um al-Dunya' or themselves? The Gulf's war over Egypt's economy
- What Arab Spring? The Middle East is undergoing a quiet revolution that is truly transforming the region
- An Economic Remedy for Jordan?
- Is Hamas on the verge of bankruptcy?