(Refiles to remove extraneous text in first paragraph)
CAIRO Oct 17 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 (IMF) loan within one or two weeks.
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.
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".
The government has been working on a new investment law it
hopes will slice through Egypt's notorious red tape and make it
easier and quicker for foreign investors to do business.
Garhy also said Egypt would issue international bonds in the
second half of November or the first week of December. In August
Egypt had asked JPMorgan, Citi, BNP Paribas
, and Natixis to lead manage its international
bond offer. Egypt's government approved earlier that month an
international bond issuance of between $3 billion and $5
Egypt's economy has been struggling since an uprising in
2011 ushered in political instability that drove away tourists
and foreign investors, major earners of foreign currency.
As part of a reform program that formed the basis of the IMF
agreement, Egypt approved a long-awaited value-added-tax of 13
percent. Previously Egypt had no value-added-tax. The IMF also
wants Egypt to focus monetary policy on easing the chronic
dollar shortage and reduce inflation to single digits.
(Reporting by Ahmed Aboulenein; Additional reporting by Ali
Abdelaty; Editing by Richard Balmforth and Sandra Maler)