August 28, 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.