Egypt asks IMF for a 3-year loan amid struggling economy

CAIRO – The Egyptian government says it’s finalizing talks with the International Monetary Fund on a three-year loan program and is asking for $7 billion a year to finance its economic program.

A Cabinet statement says Prime Minister Sherif Ismail discussed the talks with the IMF in a meeting with the head of Egypt’s Central Bank and several other ministers.

It says the government is nearing its “final stages” in the talks with the IMF.

Egypt’s state news agency MENA said on Wednesday that an IMF delegation is due to arrive in Cairo within days to continue the talks.

The loan is expected to help shore up Egypt’s struggling economy amid declining tourism revenues and falling local currency.