IMF Chief to Recommend Board Approve $12 Billion Egypt Loan
- IMF board to meet Nov.11 to discuss $12 billion loan bid
- Loan is seen as key to restoring investor confidence
Egypt Stocks Surge After Pound Floated
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The International Monetary Fund’s managing director said she would recommend the fund’s board approve Egypt’s $12 billion loan request.
The board will discuss the loan request on Nov. 11, the IMF said. Christine Lagarde’s nod of support moves the months-long process to its final stages as the nation of over 90 million faces one of the Middle East’s biggest budget deficits and inflation hovering at its highest level this decade. Egypt will receive a $2.75 billion installment next week, Deputy Finance Minister Ahmed Kouchouk said.