Egypt reaches agreement with IMF

Published November 20th, 2012 - 12:46 GMT
Egypt has reportedly reached an initial agreement with the IMF over a $4.8 billion loan
Egypt has reportedly reached an initial agreement with the IMF over a $4.8 billion loan

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.

 

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