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.
by RTT Staff Writer
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