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Egypt said to get a $2 bln boost from Saudi Arabia for IMF deal- Bloomberg
October 12, 2016 / 6:06 PM / a year ago

Egypt said to get a $2 bln boost from Saudi Arabia for IMF deal- Bloomberg

Oct 12 (Reuters) - Egypt has received a $2 billion deposit from Saudi Arabia, Bloomberg said, citing an Egyptian central bank official.

The official did not specify when Egypt received the funds, Bloomberg said.

The Saudi deposit pushes Egypt closer to securing a $12 billion loan from the International Monetary Fund.

Last week, the IMF said its initial loan payment to Egypt would be about $2.5 billion and hoped to seek board approval for the program within the next month.

It also said Egypt and the IMF were “making good progress” on talks with China, Saudi Arabia and some G7 countries for the provision of $5 billion to $6 billion in additional bilateral financing needed for the program’s first year. nL2N1CD14N

Egypt’s economy has been under pressure since an uprising in 2011 that led to prolonged political instability that kept away tourists and foreign investors.

Saudi Arabia’s finance ministry, Egypt’s central bank and the IMF could not immediately be reached for comment.

Reporting by Sangameswaran S in Bengaluru, Editing by Angus MacSwan

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