Egypt to finalize IMF loan agreement in December, source says

Egypt to finalize IMF loan agreement in December, source says

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Wed, 21/11/2012 - 15:49

A leading member of the Egyptian team negotiating the terms of a US$4.8 billion International Monetary Fund loan said the loan agreement would be signed next month.

The source said the two parties have decided to sign a letter of intent in the first half of December and will finalize the agreement with the IMF board on 19 December.

After the agreement is signed, Egypt will receive an initial $1.1 billion.

Negotiations between the government and the IMF mission have been fruitful and constructive, said Assistant Finance Minister Hany Qadry Damian.

"We've acquired the certificate from the fund by signing the initial agreement for the loan," said Damian.

The agreement will allow Egypt to access needed economic aid from international and regional institutions, Damian said.

Edited translation from Al-Masry Al-Youm

 

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