Egypt seeking $9bn more from IMF and other institutions

INTERNATIONAL – Egypt is seeking more than $5 billion from the International Monetary Fund under a stand-by arrangement and $4 billion from other institutions, an official said.
The borrowing would come in addition to the $2.8 billion received this week under the IMF’s emergency Rapid Financing Instrument, part of the North African nation’s plan to cover any gaps in its current account.
Egypt is targeting as much as $8.5 billion in total from the Washington-based-lender, according to the official, who asked not to be identified as the matter is confidential. The person didn’t specify the institutions being sought to provide the other $4 billion.

Source: iol.co.za