Egypt seeks $4-billion loan from IMF
2011-05-18 12:08:28
Egypt is seeking up to $4-billion (U.S.) from the International Monetary Fund to help plug the huge hole in its public finances that opened up as a result of the economic disarray following the overthrow of HosniMubarak, the former president ousted in February.
Samir Radwan, the Minister of Finance, told the Financial Times his country needed up to $12-billion in budget support until the end of the next fiscal year in June, 2012. The deficit, he said, will be “anywhere between 9 and 10 per cent of gross domestic product” in the next fiscal year.