Egypt Independent

Website: Egypt may consider urgent IMF loan



A senior Finance Ministry official has reportedly said the government may consider next week an International Monetary Fund offer to grant an urgent loan of US$250 million to $750 million, website Aswat Masriya reported Friday.

An unnamed source told Aswat Masriya that the IMF “offered this proposal to the Egyptian government several times, but it had not yet been decided.”

He added that “the government might consider this offer now.”

He said the money is an IMF measure called a rapid financing instrument used to help countries that are facing deep financial crises.

Finance Minister Morsy Hegazy had said Sunday that Egypt expected to seal a long-delayed $4.8 billion loan deal before parliamentary elections, which had been scheduled to start 22 April.

But on Wednesday, an administrative court halted the parliamentary elections when it canceled President Mohamed Morsy’s decree calling for the vote while sending the elections law to the Supreme Constitutional Court.