Monday 30 May 2011

Egypt says agreed in principle on $3 bln IMF loan | Reuters

Finance Minister Samir Radwan said Egypt had agreed in principle on a $3 billion, 12-month loan agreement with the International Monetary Fund (IMF) and that he hoped it would be signed by Sunday.

"It can be signed any minute between now and Sunday," he said by telephone.

He said the loan would help Egypt help fill a budget deficit for the financial year ending in June 2012 that he estimated would be 11.3 percent of gross domestic product.

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