WASHINGTON Oct 7 The International Monetary
Fund's initial loan payment to Egypt will be about $2.5 billion,
a senior IMF official said on Friday, adding that he hoped to
secure board approval for the program within the next month.
Masood Ahmed, director of the IMF's Middle East department,
said that the $12 billion loan program would contain conditions
that include reducing Egypt's budget deficit and making its
currency exchange rate system more market-driven.
The IMF is "making good progress" on talks with China, Saudi
Arabia and some G7 countries to provide about $5 billion to $6
billion in additional bilateral financing needed for the
program's first year.
(Reporting by David Lawder; Editing by Chizu Nomiyama)