Egypt expects to sign a $3.2 billion loan with the International Monetary Fund around the beginning of June, the state-run Al-Ahram reported today, citing Finance Minister Momtaz el-Saieed.
El-Saieed said the first part of the loan could be released around July 1, the start of fiscal year 2012-2013, according to the newspaper. He said the central bank’s governor is currently in Washington discussing technical details related to the signing and transfer of the funds with IMF officials.
To contact the reporter on this story: Tarek El-Tablawy in Cairo at email@example.com.
To contact the editor responsible for this story: Andrew J. Barden in Dubai at firstname.lastname@example.org