Qandil: IMF Program "Homegrown", its Interest very LowSource: www.export-egypt.com 9/10/2012, Location: Africa |
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In an interview with Reuters, Prime Minister Hisham Qandil defended the loan program that Egypt seeks to conclude with the International Monetary Fund, referring to the program as "homegrown" and its interest is very low. Egypt has requested a $4.8 billion loan from the International Monetary Fund, part of a bid by the government to shore up its finances after foreign reserves plunged to about $15 billion, less than half of what they were before the revolution.
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