Egypt expects to receive at least USD2bn within two months of agreeing with the IMF for USD4bn a year over three years, Deputy Finance Minister Ahmed Kouchok said. Egypt must repay each tranche of any loan it receives from the IMF over five years, including a grace period of three and a quarter years. The government is also planning to issue USD2-3bn Eurobonds in September or October. If Egypt implements the reform programme, and gets the IMF’s stamp of approval, our borrowing costs will drop, he added. The IMF spokesman William Murray declined to confirm the Finance Ministry's estimate of a USD12bn loan programme spread over three years, stating that the size of Egypt's financing programme would be determined by a two-week IMF mission to Cairo. On another note, Kouchok stated Egypt aims to implement the smart card system as part of fuel subsidy reform in FY2016/17. (Reuters, Bloomberg)