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Egypt eyes $2-3 bln deposit from Saudi Arabia to help seal IMF deal -fin min
(REUTES): 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 newspaper.
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 bilateral financing.
Yields rise at Egypt’s five-year T-bond auction
The average yield on the five-year bond rose to 17.350 percent from an average of 17.260 percent at the previous auction on Aug. 29.
Egypt’s annual core inflation rise to 13.25 pct in August – c.bank
Core inflation, which strips out the price of volatile items such as fruit and vegetables, had been rising since March but edged down slightly in July.
August appeared to mark a return to the upward trend in prices since the central bank devalued the pound in March and slashed subsidies in August.