CAIRO: Egypt’s finance minister says his country is nearing a deal to borrow $2.2 billion from the World Bank.
Samir Radwan also said a delegation from the International Monetary Fund was expected in Cairo within days to discuss ways of supporting the government’s efforts to boost the economy, which has been ravaged by the protests that led to former President Hosni Mubarak’s ouster.
Radwan, in a statement issued by the finance ministry on Monday, did not say when the deal would be completed.
Egyptian officials have slashed economic growth forecasts for fiscal year 2010-2011 to between 2-3 percent, compared to earlier estimates of nearly 6 percent.
Radwan said the next fiscal year’s budget will boost spending on education, health care and housing.
