Cairo – Mubasher: Egypt is expected to sign a $12 billion agreement with the International Monterey Fund (IMF) during the next months, Prime Minister Sherif Ismail said in a television interview.
Last August, the Fund approved in principle to provide Egypt with the necessary finance in order to complete its economic reform program.
Egypt’s external debt has increased by 16% by the end of June 2016 reaching $55.6 billion, according to the Central Bank of Egypt figures.
Egypt needs to arrange up to $6 billion in bilateral gap financing before the IMF board can approve the program and release an initial loan tranche of about $2.5 billion.
Prime Minister Sherif Ismail said earlier that about 60% of the total had been secured.
