Oct 12 Egypt has received a $2 billion deposit
from Saudi Arabia, Bloomberg said, citing an Egyptian central
The official did not specify when Egypt received the funds,
The Saudi deposit pushes Egypt closer to securing a $12
billion loan from the International Monetary Fund.
Last week, the IMF said its initial loan payment to Egypt
would be about $2.5 billion and hoped to seek board approval for
the program within the next month.
It also said Egypt and the IMF were "making good progress"
on talks with China, Saudi Arabia and some G7 countries for the
provision of $5 billion to $6 billion in additional bilateral
financing needed for the program's first year. nL2N1CD14N
Egypt's economy has been under pressure since an uprising in
2011 that led to prolonged political instability that kept away
tourists and foreign investors.
Saudi Arabia's finance ministry, Egypt's central bank and
the IMF could not immediately be reached for comment.
(Reporting by Sangameswaran S in Bengaluru, Editing by Angus