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IMF allocates $4.8 bln loan to Egypt

Arab World Materials 22 August 2012 18:19
The International Monetary Fund (IMF) has granted a $4.8 billion loan to Egypt
IMF allocates $4.8 bln loan to Egypt

Azerbaijan, Baku, Aug. 22 / Trend A.Taghiyeva /

The International Monetary Fund (IMF) has granted a $4.8 billion loan to Egypt, Al Jazeera reported on Wednesday. The loan has a term of five years with a grace period of 39 months at an interest rate of 1.1 percent per annum.

In early 2012, Egypt has submitted a formal request to the IMF for a $3.2 billion loan to support the economic reform program in the country. The agreement with the IMF was supposed to be signed this spring, but because of serious disagreements between the government and the parliament the contract was postponed.

The IMF has insisted that the final decision was accepted by all major Egyptian political forces.

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