Egypt’s business digest Oct.8:  IMF official sees first payout to Egypt at around $2.5 billion
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IMF official sees first payout to Egypt at around $2.5 billion – REUTERS

The International Monetary Fund’s initial loan payment to Egypt will be about $2.5 billion, a senior IMF official said on Friday, adding that he hoped to secure board approval for the program within the next month.

Masood Ahmed, director of the IMF’s Middle East department, said that the $12 billion loan program would contain conditions that include reducing Egypt’s budget deficit and making its currency exchange rate system more market-driven.

The IMF is “making good progress” on talks with China, Saudi Arabia and some G7 countries to provide about $5 billion to $6 billion in additional bilateral financing needed for the program’s first year.

 

Egypt to hold international tender for 500,000 tonnes of rice –statement – REUTERS

(REUTERS): Egypt’s Supply Ministry will hold an international tender for rice with a minimum of 500,000 tonnes, the government said on Saturday.

The ministry has also contracted for the importation of 420,000 tonnes of sugar in coordination with the military in the “past few days” and will contract to import an additional 200,000 tonnes this week, the government said in a statement.

 

Egypt’s GASC gets two offers at raw sugar tender – trade

Egypt’s state buyer, the General Authority for Supply Commodities (GASC), received two offers at its raw sugar tender on Saturday.

The lower of the two was presented by Union at $558.8 a tonne on a cost, insurance and freight basis (CIF), Cairo-based traders said.

The other was an offer by multitrade at $560 a tonne CIF. Both offers were for 50,000 tonnes.

Results of the tender are expected later on Saturday.

 

Egypt, Asian Bank for Investment discuss financing developmental projects

Minister of International Cooperation Minister Sahar Nasr and Finance Minister Amr el-Garhy met Friday with representatives of the Asian Bank for Investment in Infrastructure to discuss financing developmental projects.

The meeting was held on the sidelines of the annual meetings of the World Bank in Washington D.C.

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