Egypt says formally requests $4.8 bln IMF loan

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Egypt has formally requested a $4.8 billion loan from the International Monetary Fund, the presidential spokesman said during a visit to Cairo by IMF chief Christine Lagarde.

“We have officially requested a $4.8 billion loan from the IMF and talks are currently going on inside about the request,” spokesman Yasser Ali told Reuters as Lagarde held discussions with President Mohamed Mursi. He said any details would be announced later, Reuters reports.