The Egyptian government expects to sign a memorandum of understanding with the International Monetary Fund for a $4.8 billion loan before an IMF negotiating team leaves Cairo on Wednesday, Finance Minister
Mumtaz al-Said said.
The government also plans to eliminate its subsidy on 95 octane gasoline effective as of Wednesday or Thursday, he said, a move that suggests the government wants to show it is taking active steps to close the deal.
Egypt has been drawing up an economic reform plan in part to help convince the IMF it is serious about economic reform.
Analysts say the IMF usually requires that governments take active measures before signing off on loans.
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