Egypt asks IMF for a 3-year loan to help struggling economy

Egypt is in the "final stages" of negotiating an agreement with the International Monetary Fund to secure a $12 billion loan over three years, while targeting more loans totaling $7 billion annually, according to a Cabinet statement.

President Abdel-Fattah el-Sissi held a Cabinet meeting Wednesday to discuss economic developments, including the IMF loan. Amr el-Garhy, the finance minister, told the CBC TV network on Tuesday that Egypt is discussing a total of $12 billion from the IMF. He added that the rest will be negotiated from other sources.

IMF Middle East and Central Asia director Masood Ahmed said in a statement that an IMF delegation will start a two-week visit to Egypt on July 30 to continue the talks.

"The Egyptian authorities have asked the IMF to provide financial support for their economic program. We welcome this request, and look forward to discussing policies which can help Egypt meet its economic challenges. Our goals are to help Egypt return to economic stability and to support strong, sustainable and job-rich growth," the statement said.