Egypt's President Mohammed Morsi formally requested a $4.8 billion loan from the International Monetary Fund, when he met the IMF chief Christine Lagarde, presidential spokesman Yasser Ali reportedly said Wednesday.
Lagarde is in Egypt to discuss the financial package. She will meet new cabinet officials soon to finalize the terms of the loan.
The previous Egypt government sought a $3.2 billion loan but it was not finalized.
Egypt's foreign reserves declined sharply since the uprising against former President Hosni Mubarak last year and borrowing costs surged as investors sentiment remain weak.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.