Egypt Discussing Finance Package with Saudi & UAE

Egypt is discussing financial packages for budgetary and other support with Saudi Arabia and the United Arab Emirates that could exceed a total of $5 billion based on figures initially proposed, the Egyptian finance minister said on Monday.

Hazem el-Beblawi also told Reuters that Cairo was open to "all sorts of cooperation" with the International Monetary Fund, which offered a $3 billion financing package earlier this year that Egypt then turned down. "I don't want to give the impression that I am going to negotiate for a loan, but I am going with an open mind," the finance minister said of talks he was due to have in Washington at IMF and World Bank meetings this month.