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Egypt seals $3 bln financing – IMF

Egypt secured a $3 billion, 12-month standby financing agreement with the International Monetary Fund on Sunday, the IMF said in a statement.

June 5, 2011 4:00 by

“The authorities’ economic programme is a first step to laying the foundation for a more inclusive private-sector-led economic growth,” the statement said.

“Monetary and exchange rate policies will aim at maintaining macroeconomic stability, including by preserving a comfortable level of reserves to ensure that Egypt will have a buffer against unanticipated shocks,” it added. (Reporting by Patrick Werr)

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