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

To contact the editor responsible for this story: Andrew J. Barden at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.