IMF confirms Egypt loan request, says to send mission to Cairo

The International Monetary Fund (IMF) confirmed on Tuesday that Egypt had asked it for financial support programme and said an IMF staff mission would visit Cairo for about two weeks starting July 30.

“We welcome this request, and look forward to discussing policies which can help Egypt meet its economic challenges. Our goals are to help Egypt return to economic stability and to support strong, sustainable and job-rich growth,” Masood Ahmed, the IMF’s Middle East director, said in a statement.

He did not provide any details of the requested program or possible funding amounts, adding that any result would be announced following the IMF mission’s conclusion. Egypt’s finance minister said on Tuesday that the government was seeking $12 billion from the IMF over three years, at an annual interest rate of 1 percent to 1.5 percent.

Source: Reuters