Cairo — Egypt on Wednesday formally asked the International Monetary Fund for a $4.8 billion loan to boost the country's sagging economy, and said it expects to reach a final agreement by the end of the year.
Egypt's finances have been badly battered by the political turmoil that has roiled the country since last year's popular uprising that ousted longtime leader Hosni Mubarak, and securing a loan would help shore up confidence in an economy that has seen tourism revenue and foreign investment dry up and foreign currency reserves plummet by more than half.
Egypt's military-appointed interim government had been negotiating a $3.2 billion package before it handed power to President Mohamed Mursi on June 30. The deal was not finalised.
via Tunis Afrique Presse (Tunis)