Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Egypt: Deal reached with IMF on $4.8B loan

Send a link to a friend

[November 20, 2012]  CAIRO (AP) -- Egypt says it has reached an initial deal with the International Monetary Fund that will secure a $4.8 billion loan to revive the country's ailing economy.

Ashraf el-Araby, the minister for international cooperation, said Tuesday the agreement was reached with an IMF team that has been in Cairo for weeks, negotiating a deal and discussing the government's economic program.

El-Araby says the deal would be presented for approval to the IMF board in December in Washington. He says that details of the agreement would be released at a ministerial meeting on Wednesday.

Egypt's economy plummeted following last year's uprising and many see the loan as a way to raise investor confidence. Other groups have criticized the proposal, saying the loan could trigger an economic crunch and set off inflation.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Recent articles

Back to top


News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor