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Monday, 7 November 2016

Egypt will ask the IMF to approve the loan in “a day or two”

Egypt will ask the International Monetary Fund’s executive board within a day or two to consider its USD 12 bn facility, Finance Minister Amr El Garhy said on Sunday. El Garhy expects that Egypt will receive the approval in the coming 10 days, he tells Youm7. The board has meetings scheduled for today, Wednesday and Friday, but Egypt is not on the agenda for any of them (or at least not on the public version).

That news comes as Egypt will reportedly pull the trigger on its USD 2-2.5 bn eurobond issue during the last week of November, following approval from the IMF, El Garhy added. IMF approval for the loan is expected to lower the costs of borrowing for the government. The finance minister had said on Saturday evening that the road show for the issue will take place on 20 November, with the issue launching 10 days later.

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