Egypt to Work With IMF to Plug Economic Program’s Financing Gap
- Government targets $21 billion over three years to aid growth
- Deputy finance minister ‘confident’ work can be done in weeks
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Egyptian authorities will secure the additional financing needed for the government’s economic program in coordination with the International Monetary Fund, which has agreed in principal to lend the Arab country $12 billion, a senior official said.
The government is targeting $21 billion to finance a three-year program designed to revive growth and ease a crippling foreign-exchange shortage. In addition to the IMF loan, funds will come from the World Bank, the bond market and bilateral accords.