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Egypt to sign $3.2bn IMF loan agreement next month

 
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Kirk
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PostPosted: Mon Feb 20, 2012 7:07 am    Post subject: Egypt to sign $3.2bn IMF loan agreement next month Reply with quote

Egyptian finance minister, Mumtaz al-Saeed has said the government expects to sign next month a $3.2bn loan agreement with the International Monetary Fund (IMF) and will receive one-third of the funds immediately upon signing, Reuters has reported. The loan, which has a interest rate of 1.2%, would be used to support the 2012/13 budget and to compensate for the depletion of Egypt's foreign reserves, Saeed said.

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