Egypt has requested a $4.8 billion loan from the International Monetary Fund to boost the country’s economy.
President Mohamed Morsi and Prime Minister Hisham Qandil met with IMF head Christine Lagarde on Wednesday.
Qandil told reporters he expected the loan to be for five years with a grace period of 39 months. The interest rate would be 1.1 percent, though details were still not finalized, Reuters reported he said.
Egyptian government spokesperson Yasser Ali told Reuters that Cairo hopes for the deal to go through by the end of the year. “We have officially requested” the loan, he said.
Egypt initially sought a $3.2 billion loan to aid the country’s ailing economy after tourism declined sharply in the wake of last year’s protests and unrest.
Speaking with reporters on Wednesday, Lagarde said, “We did not discuss the details about the amount or the conditions,” according to Al-Jazeera.
“The prime minister has a certain number, but the amount will depend on negotiations between the IMF team and Egyptian officials,” she added.
“I took note of their strategy and ambition for Egypt’s economic and social future, and I assured them of our continued commitment to support Egypt and its people during this historic period of transition.”
A few dozen protesters gathered near the building where Lagarde and Egyptian officials met, protesting the IMF chief’s visit, Al-Jazeera reported. They said the IMF imposes “conditions that only serve businessmen.”
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