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Tue 18 Oct 2016 09:11 AM

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Egypt to gather additional $6bn required for IMF deal within 1-2 weeks

Finance minister says bilateral funding needed to secure $12bn loan will finalised soon

Egypt to gather additional $6bn required for IMF deal within 1-2 weeks
Egypts Minister of Finance Amr al-Garhy. (STR/AFP/Getty Images)

Egyptian Finance Minister Amr El Garhy said on Monday his country would gather an additional $6 billion in bilateral funding required to secure a $12 billion International Monetary Fund loan within one or two weeks.

In comments on a talk show aired by local television channel CBC, he also said the government would submit an investment law to parliament within "one and a half months or more" and that Egypt would issue international bonds in the second half of November or the first week of December.

The IMF in August agreed in principle to grant Egypt a $12 billion three-year loan facility to support a government reform programme aimed at plugging a budget gap and rebalancing currency markets. Egypt needs to secure $6 billion in bilateral support before the deal goes to the IMF board for approval.

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