Egypt receives $2 billion Saudi deposit in boost for IMF deal: sources

Egypt has received a $2 billion deposit from Saudi Arabia, an Egyptian central bank official said on Wednesday, bringing it closer to securing a $12 billion lifeline from the International Monetary Fund.

The official, who commented in a text message and asked not to be named because the information isn’t yet public, didn’t specify when Egypt received the funds, Bloomberg and Aswat Masriya reported.

Officials at Saudi Arabia’s finance ministry couldn’t immediately be reached for comment outside regular office hours on Wednesday.

Egypt is seeking as much as $6 billion from bilateral creditors to meet the conditions for the IMF’s board to consider the loan. Officials hope will help restore investor confidence and end a foreign currency shortage that has crippled economic growth. Egypt’s net foreign reserves rose by $3 billion in September to $19.6 billion.

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