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Egypt says no change in IMF loan sum

April 6, 2013 at 1:13 PM   |   Comments

CAIRO, April 6 (UPI) -- A top Egyptian official said Saturday he expected the International Monetary Fund to approve a $4.8 billion loan to Egypt without any last-minute changes.

Ashraf al-Araby, Egypt's Minister of International Cooperation, said he met with IMF officials in Dubai and came away expecting the loan to be approved without raising or lowering the sum.

Egypt has been negotiating with the IMF for several months. The loan will be used to close the nation's budget deficit and stabilize the economy.

A preliminary deal struck in November was postponed while the new Cairo government implemented austerity measures, al-Masry, al-Youm said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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