IMF offers Egypt US $3.2b

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Egypt’s government needs to review IMF’s offer of the loan of U.S. $3.2 billion to Egypt, according to Egyptian Minister of Finance, Hazem al-Beblawi. "Egypt urgently needs this loan at the present moment, but there are no discussions held yet regarding accepting the loan."

Al-Beblawy issued declarations during the opening of the round-table regarding the future of the partnership with the private sector. They will execute infrastructure projects according the Public Private Partnership (PPP) system.

The Egyptian Ministry of Finance organized the round-table in cooperation with British Egyptian Business Association at the British embassy in Cairo Wednesday, with the presence of the financial district's mayor in London.

Al-Beblawy said increasing categorical demands represent a burden over the public budget, he understands people need money but he can't provide them with it so easily.

Egypt is witnessing a tough circumstance, considered a economical, political and social earthquake, according to al-Beblawy. He also expressed his complete confidence that Egypt will pass this crisis with the help of its international partners.

Al-Beblawy said the Egyptian government reached an agreement with the African development bank to receive a U.S. $500 million loan to finance two projects. Negotiations are held with other parties to finance projects costing U.S. $ 400 million.