October 31, 2014
CAIRO (AP) - Egypt says it has reached an initial deal with the International Monetary Fund that will secure a $4.8 billion loan to revive the country's ailing economy.
Ashraf el-Araby, the minister for international cooperation, said Tuesday the agreement was reached with an IMF team that has been in Cairo for weeks, negotiating a deal and discussing the government's economic program.
El-Araby says the deal would be presented for approval to the IMF board in December in Washington. He says that details of the agreement would be released at a ministerial meeting on Wednesday.
Egypt's economy plummeted following last year's uprising and many see the loan as a way to raise investor confidence. Other groups have criticized the proposal, saying the loan could trigger an economic crunch and set off inflation.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.