The Egyptian government is nearing a deal with the International Monetary Fund for a financial loan that Egypt hopes would earn its economy the confidence of international donors and investors, a newspaper has reported.
Egypt’s delegation to the IMF’s and the World Bank’s meetings in April had made it clear it does not mind receiving the loan, economic daily Al-Mal said in a report published Monday.
It pointed to statements to Egypt’s state news agency MENA on Sunday by the IMF’s Middle East official, Christopher Jarvis, in which he said that the fund’s visit to Egypt was postponed from June to the end of summer.
Under former president Mohamed Morsi, Egypt sought a US$4.8 billion loan from the IMF, and reached an initial agreement over the amount before negotiations failed later when the government abstained from abiding by reforms demanded by the IMF.
