Minister of International Cooperation Ashraf al-Araby said Saturday that the IMF will not reduce the size of a proposed US$4.8 billion loan or raise it to $5 billion.
Araby told Al-Masry Al-Youm that he met with Massoud Ahmed, director of the IMF's Middle East and Central Asia department, and a team of IMF representatives few days ago in Dubai, none of whom mentioned a reduction in the loan.
Araby added that he expects Egypt will receive the loan.
Egypt has been negotiating with the IMF for months over a loan to help stabilize the economy and close a yawning budget deficit. A preliminary agreement was reached in November but postponed pending the outcome of austerity measures demanded by the IMF.
Negotiations continued Tuesday between Prime Minister Hesham Qandil and several IMF officials.
Edited translation from Al-Masry Al-Youm
