Egypt says about to conclude $3 bln IMF accord

Reuters, Sunday 5 Jun 2011

Egypt is working out the details of the payback terms of an IMF loan they are on the brink of signing for; importantly, they want the funds ASAP

Finance Minister Samir Radwan said on Sunday Egypt was about to conclude a $3 billion standby financing arrangement with the International Monetary Fund (IMF) but was still working out some of the terms.

He said the funds would be disbursed quarterly under a 12-month agreement, but that Egypt was asking that a large portion of the funds be delivered early.

"We are asking that an important part of it be loaded up front," Radwan said by telephone.

Egypt was also discussing interest rates and the repayment period of the borrowed funds, he added.

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