CAIRO, Sept 8 Egypt is in advanced talks with
Saudi Arabia to secure a new deposit worth $2-3 billion as part
of about $6 billion in bilateral financing required to seal an
IMF loan, the finance minister said in comments published by Al
Borsa quoted Amr El-Garhy as saying that negotiations with
Saudi Arabia were due to be completed in the next few weeks.
It was not clear if Garhy was expecting Egypt to agree on
the disbursement of a $2 billion deposit agreed with Saudi
Arabia in April or if the country was seeking new funding.
Egypt reached a preliminary agreement with the International
Monetary Fund in August for a $12 billion three-year lending
programme to help it plug its funding gap and stabilise markets.
But the deal requires Egypt to secure a further $6 billion in
(Writing by Lin Noueihed; Editing by Toby Chopra)