Egypt wants to increase IMF loan to over $5 billion – Bloomberg

Egypt is in talks with the International Monetary Fund (IMF) on increasing the amount of its financial assistance programme to more than $5 billion, Bloomberg reported on Friday citing officials familiar with the discussions.

Any announcement on a potential increase from the $3 billion secured last year would only take place after Egypt completes its two delayed programme reviews, the sources further said, adding that no decision on this has yet been made.

IMF has yet to complete Egypt’s loan programme reviews, which were supposed to take place last March and September.

In December last year, IMF’s executive board approved a 46-month arrangement of about $3 billion for Egypt under the Extended Fund Facility (EFF).