An International Monetary Fund loan to Egypt is in its final stages and will be announced within the coming weeks, said Ayam al-Qaffas, the World Bank’s executive director in Egypt.

The Egyptian government had been negotiating to take out a loan of US$3.2 billion since last year. The loan is intended to bolster Egypt’s economy, which was hard hit by the 25 January revolution that ousted ex-President Hosni Mubarak.

IMF officials insist that any loan should win the approval of the Egyptian government and Parliament before the presidential election slated for May is conducted.

On the sidelines of the spring meetings of the World Bank and the IMF, Qaffas expressed appreciation for the role the IMF is playing to support Egypt and other countries of the Arab Spring.

He also thanked Christine Lagarde, managing director of the International Monetary Fund, for her keenness to help Egypt in the transitional stage.

Qaffas said the eurozone financial crisis has had repercussions for Egypt, particularly since 47 percent of Egypt’s trade is conducted with European Union countries. He also said revenues from the Suez Canal have declined due to the slowdown in trade.

Translated from MENA