“Very Possible” Egypt Will Ask For Bigger IMF Loan –Minister

Egypt might ask the International Monetary Fund (IMF) to increase its previously requested $4.8 billion loan to cover its budget deficit, the country’s planning minister said on Wednesday.

“It’s very possible that we will increase the request but so far we are talking about $4.8 billion,” Ashraf El-Araby told reporters during a visit to Qatar.

He also said the government had targeted a budget deficit of 9.5 percent of gross domestic product in the fiscal year ending in June.

Reuters