Egypt’s government is working on an economic program that aims to reduce the country’s budget deficit by one percentage point a year, Ahsraf el-Arabi, the minister for planning and international cooperation, told the financial daily al-Mal.

The International Monetary Fund has yet to impose any conditions on Egypt as the country seeks a $4.8 billion loan, el-Arabi told the Cairo-based newspaper. He said detailed negotiations are slated to begin in September.

The International Monetary Fund forecasts that Egypt’s budget deficit will widen to 10 percent of economic output this year.

To contact the reporters on this story: Tarek El-Tablawy in Cairo at alatifwahba@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.