PM Kandil Says He Expects IMF Loan Deal Within 45 Days

Negotiations with the International Monetary Fund (IMF) to secure a $4.8 billion loan for Egypt are nearing their end, Prime Minister Hisham Kandil said on Monday.

Kandil added that he expects Egypt to obtain the loan with 45 days before the parliamentary elections are held.

“The financial gap is big since revenues are less than expenses,” Kandil told al-Arabiya channel.

Closing this gap is the core of economic reform, he stated.

The government is exerting efforts to increase investments in Egypt, Kandil said, adding that he sensed real interest from countries he recently visited.

The prime minister said he will pay a visit the Kingdom of Saudi Arabia soon. Saudi Arabia has given Egypt billions in loans to support its ailing economy.

Egypt is seeking to obtain the IMF loan in an attempt to boost its struggling economy, which suffered after that uprising that ousted Hosni Mubarak in 2011.