BREAKING NEWS

Egypt studying IMF bridging loan offer

By REUTERS

MARCH 11, 2013 17:28

CAIRO - The International Monetary Fund has offered Egypt a bridging loan and Egypt is studying the offer, a source at the finance ministry told Reuters on Monday.

The funding, known as the IMF's Rapid Financing Instrument, is temporary and would not substitute Egypt's negotiations with the IMF on a $4.8 billion loan, the source said.

Asked whether Egypt has received an offer from the IMF for use of the RFI, the source said: "Yes. We are studying the possibility of a temporary loan but no decision has been made yet".

He said the loan would not substitute Egypt's economic reform program. "Egypt continues to work towards restructuring its economy through the economic reform program" he said.

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