Egypt asks IMF for $3.2bn

Egypt has asked the International Monetary Fund (IMF) to grant it a $3.2bn standby facility in order to help the country shore up its economy.

The country's finances have been severely disrupted following the political uprising last year, impacting major industries such as tourism.

According to the Financial Times, the country's minister for international co-operation said yesterday it was seeking the standby facility to help the country stabilise its economy.

Fayza Aboul Naga said an agreement was expected within weeks. "We have asked the IMF for $3.2bn in support," she told reporters.

According to estimates, Egypt's economy is expected to have grown by just 1.3% in 2011, down sharply from the 5% previously expected, after the uprising that ousted President Hosni Mubarak last February.

Figures show GDP expanded by just 0.2% in the three months to the end of September, compared with growth of 0.4% in the previous three months.

Meanwhile, overseas investment has all but dried up, with foreign direct investment tumbling 93% in 2011 after the former leader was removed.