25 November 2012

Egypt: Country Developments Won't Affect IMF Loan - Planning Minister

Minister of Planning and International Cooperation Ashraf el-Arabi said Egypt's ongoing political situation will not affect talks to get a loan from the International Monetary Fund (IMF), which will be approved on December 19 during a meeting of its board of directors.

During a press conference on Saturday24/11/2012, Arabi asserted that the first batch of the loan will be sent to Egypt after several weeks of the approval.

The total loans and deposits that Egypt is seeking are estimated at $14.5 bn until the end of June 2014, Arabi said.

Egypt will receive loans from its development partners, including the European Bank, the African Development Bank, the European Union, the United States, Qatar, Saudi Arabia and Turkey, he added.

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