Financial and Banking News


Egypt Edges towards IMF Agreement

Indications from Cairo and Washington last week pointed to an imminent agreement between Egypt and the International Monetary Fund (IMF), probably to be approved by the IMF Executive Board on 15 May. The initial agreement is for an immediate IMF loan of $250300mn, which will carry an interest rate of 2.5-3%, for the purpose of assisting economic reforms which Egypt is promising to undertake. The most...