Egypt is seeking loans worth about $6.2 billion from the World Bank and the International Monetary Fund (IMF), Bloomberg reports. Egypt may require about $3-4 billion from the IMF and the World Bank may provide a $2.2 billion soft loan. The proceeds from the soft loans are expected to be used to finance the country’s budget deficit. Egypt’s budget deficit may rise to 9% of gross domestic product in 2011.
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