IMF Ready to Lend Egypt $3.2 Billion at 1% Interest, Ahram Says

The International Monetary Fund is prepared to lend Egypt $3.2 billion at a reduced interest rate of 1 percent, the Muslim Brotherhood’s now disqualified presidential candidate said, the state-run al-Ahram reported.

Khairat el-Shater, the Brotherhood’s chief strategist who was knocked out of the May race on electoral-law technicalities, said the offer came when IMF officials met with his group during a visit to Egypt earlier this month. He also said the U.S. deputy secretary of state had agreed to back Islamic bonds issued by Egypt abroad, the newspaper reported.

A call and text message for comment to the mobile phone of Finance Minister Momtaz el-Saieed weren’t immediately answered.

To contact the reporter on this story: Tarek El-Tablawy in Cairo at teltablawy@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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