Egypt Expects Arab Allies to Provide Aid as Part of IMF Deal
- IMF says will help Egypt secure required bilateral financing
- Egypt, IMF reached an initial deal over $12 billion loan
QuickTake: Egypt's Faded Revolution
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Egypt expects its oil-rich allies such as Saudi Arabia and the United Arab Emirates to provide funding as the country moves to finalize a $12 billion loan program with the International Monetary Fund, Prime Minister Sherif Ismail said.
International financial institutions will also help finance the government’s three-year program with the Washington-based lender, Ismail told Bloomberg News in Cairo on Wednesday. The IMF’s Executive Board will not consider the loan deal before Egypt secures commitments of as much as $6 billion from bilateral creditors, Chris Jarvis, the fund’s mission chief for Egypt, said on Aug. 14. He said the fund would help the government secure the money.