Cash-Strapped Egypt Eyes Expanded IMF Loan Now Election Is Over
- Nation nearing deal that may double value of current program
- New funds would be boost for El-Sisi as he secures third term
A screen displays votes for Abdel-Fattah El-Sisi on Dec. 18.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
With Egypt’s elections over, the cash-strapped nation is poised for an increase in financial aid that may ease its dollar shortages and spur much-needed foreign investment, according to people familiar with the deliberations.
The Middle East’s most populous country is nearing a deal with the International Monetary Fund to expand its $3 billion rescue program — little of which has been lent yet — to around $6 billion, said the people, asking not to be identified as the matter is private. That figure could rise even higher, while other multilateral partners may also provide new funding, they said.