Egypt says about to conclude $3 bil. IMF accord

By REUTERS
June 5, 2011 12:14

 
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CAIRO - Finance Minister Samir Radwan said on Sunday Egypt was about to conclude a $3 billion standby financing arrangement with the International Monetary Fund (IMF) but was still working out some of the terms.

He said the funds would be disbursed quarterly under a 12-month agreement, but that Egypt was asking that a large portion of the funds be delivered early.

"We are asking that an important part of it be loaded up front," Radwan said by telephone.

Egypt was also discussing interest rates and the repayment period of the borrowed funds, he added.

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