Egypt expects to sign deal for $3.2B IMF loan soon

AP News
Posted: Feb 19, 2012 3:28 PM
Egypt expects to sign deal for $3.2B IMF loan soon

Egypt's finance minister says Cairo expects to sign a loan agreement with the International Monetary Fund for $3.2 billion next month.

The state-run al-Ahram daily of Sunday quoted Mumtaz al-Said as saying that sum would be disbursed in three stages: the first upon the deal's signing, and the second and third three and six months later, respectively.

Egypt formally requested the loan in January, after rejecting an offer made last year. The IMF could not immediately be reached for comment.

Egypt's economy has been badly battered by more than a year of unrest since an 18-day uprising pushed President Hosni Mubarak from power on Feb. 11, 2011.

The report said Egypt is also negotiating a second loan for $1 billion with the World Bank.