The Head of the International Monetary Fund (IMF) mission to Egypt Chris Jarvis said that Egypt’s USD12bn three-year loan request will be submitted to the IMF Executive Board within the coming few weeks. Egypt has made progress in securing the required funding, which ranges between USD5-6bn, needed for approval of the loan’s first tranche. Egypt’s Minister of Finance, Amr Al Garhy, said consultations with the IMF are going very well, and that there is no delay in loan procedures. Last month, Garhy said the government would secure the required funding before September-end, that the IMF Executive Board will discuss the loan with Egyptian authorities on the sidelines of the World Bank-IMF Autumn meeting between 7-9 October, and that the board could vote after the meeting. (Al Borsa)