Egypt May Seek $3 Billion Loan From IMF as Debt Costs Soar
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The Egyptian government may ask the International Monetary Fund for the $3 billion loan it rejected this year after domestic borrowing costs soared, Deputy Prime Minister Hazem El Beblawi said.
“The government has discussed the issue and there is an agreement in principle,” Cairo-based El Beblawi, who is also the finance minister, said in a telephone interview today. “We are considering the right time.” Egypt’s ruling military council, which turned down the previous loan agreement, will not object to the government’s decision, he said.