Egypt And IMF Agree Terms For $4.8Bn Loan
By Basim Itayim
Egypt and the International Monetary Fund (IMF) have reached a preliminary agreement on a 22-month standby arrangement (SBA) for $4.8bn. Under negotiation since June 2011, the SBA will support the government’s economic program during fiscal year 2013-14. Egypt’s request for the SBA is expected to be submitted to the IMF Executive Board for approval in a few weeks.