Egypt Requests IMF Loan, Talks to Begin Soon, Atkinson Says

Egypt has requested financial assistance from the International Monetary Fund, an IMF spokeswoman said, as the country turns to bilateral and multilateral donors to meet up to $12 billion in financing needs through June 2012.

“There has now been an official request,” IMF director of external relations Caroline Atkinson told reporters in Washington today. “We expect that an IMF team will visit Cairo shortly to begin the discussions with the Egyptian authorities on an arrangement.”

While Atkinson didn’t say how much money Egypt is asking from the Washington-based lender, the country’s finance minister Samir Radwan said April 18 the country needs between $3 billion and $4 billion from the IMF for the remainder of the current fiscal year through June and the following 12 months, according to state-run Middle East News Agency.

To contact the reporter on this story: Sandrine Rastello in Washington at srastello@bloomberg.net.

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net.

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