Egypt expects to sign $12 billion IMF loan deal ‘within few weeks’

Egypt is expected to have the final approval of the International Monetary Fund’s three-year $12 billion lending programme within few weeks, Finance Minister Amr el-Garhy said at a conference in Washington on Thursday.

Speaking at a session on Egypt’s opportunities and challenges at the Institute of International Finance’s Annual Membership Meeting kicked off Thursday, the Egyptian minister said the government has developed a comprehensive economic plan that protects low-income people.

“Egypt expects 4% growth for the year…, government is working hard on structural reforms.” el-Garhy said

Egypt’s deputy finance minister told Reuters on Wednesday that the IMF would not discuss final approval of Egypt’s loan at this week’s annual meeting but instead at a future executive board meeting without specifying when it was expected to be held.

In August, Egypt and the IMF have reached an initial financing accord, but it still needs to be approved by the fund’s executive board.