The International Monetary Fund and Egypt have reached a preliminary agreement on a $4.8 billion loan. Egypt's request for the 22-month loan is expected to be submitted to the IMF Executive Board for approval in a few weeks, the IMF said in a statement. The funds will help support the Egyptian government's economic program through fiscal year 2013/14, it added. Andreas Bauer, the IMF's division chief in the Middle East and central Asia department, said in Tuesday's statement that Egypt's economic overhaul program seeks to promote economic recovery, address its fiscal and balance-of- payments deficits, and lay the foundation for rapid job creation and socially balanced growth. Egypt plans to reform its energy subsidy regime and overhaul the tax system, he added.
