4 December 2013

Egypt: Deputy PM - Egypt Delays IMF Loan Decision, Gulf Aid Helps Reform

Egypt has postponed any decision on taking a $4.8-billion loan from the International Monetary Fund (IMF) as financial aid from Gulf States has given Cairo some breathing space as it starts to conduct economic reforms, Deputy Prime Minister and international Cooperation Minister Ziad Bahaa El-Din said in London.

Bahaa El-Din added that Egypt has so far received around $8 billion of a $12 billion aid package from Saudi Arabia, Kuwait and the United Arab Emirates (UAE) promised in July, days after the June 30th Revolution.

Any IMF deal, however, would require economic reform commitments that the government might find politically risky.

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