Egypt to Seek More Than $5 Billion From IMF, U.S. to Support Budget

Egypt to ask a bigger-than-expected $4.8 billion loan from the IMF following request for a $500 million grant from the U.S.

Egypt will discuss the possibility of a bigger-than-expected $4.8 billion loan from the International Monetary Fund when a delegation from the Washington-based body visits Cairo this month, its finance minister said.

Successive governments have negotiated with the IMF to secure emergency funding that officials had put at $3.2 billion, but no deal has been reached and Egypt's funding problems have steadily worsened during 18 months of political turmoil.

"We will discuss, in the negotiations we are to carry out with the IMF, increasing the loan to e4.8 bln," minister Mumtaz al-Saeed told reporters, adding that he asked the United States on Tuesday for a $500 million grant to support the state budget. 

Egypt’s newly elected President Mohammed Morsi.