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Egypt in Transition Live Blog

egypt - Feb 19, 2012 - 15:54

Last modified: 19 Feb 2012 12:54

Egypt Finance Minister Mumtaz al-Saeed says the country expects to sign a $3.2 billion loan agreement with the International Monetary Fund next month, according to the state-run Al Ahram newspaper.

The loan will be disbursed in three stages: once when the deal is signed, the second in three months and the third in six months.

Egypt requested the loan in January after rejecting it in 2011. Fayza Aboul Naga, the planning and international cooperation minister who is also leading the investigation into foreign-funded NGOs, seemed to be responsible for the first rejection.

Egypt's economy and foreign investment in the country have tumbled since the revolution that ousted Hosni Mubarak.