Egypt in Talks With IMF, World Bank on Loans, Radwan Says
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Egypt needs help financing its budget deficit and has discussed obtaining as much as $6.2 billion in soft loans from the World Bank and the International Monetary Fund, Finance Minister Samir Radwan said.
Egypt, whose economy is reeling under the impact of a revolt that toppled President Hosni Mubarak in February, 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, Radwan said in Washington after talks with the global lender. He also discussed obtaining a $2.2 billion soft loan from the World Bank, according to state-run Middle East News Agency.