Minister of Finance Ali Sabry says the government will be seeking close to $4 billion from the International Monetary Fund in aid for the economy.
Speaking to Bloomberg, Minister Sabry said discussions with the IMF will begin on the 18th of April.
The Minister said they are in the final stages of making arrangements with the IMF.
Minister Ali Sabry noted that the government may need nearly $3 to $4 billion cash injection from external sources this year.
He added that through the recent announcement by the Central Bank on debt repayment, they may be able to stabilize the balance of payment issue to a certain extent.
The Minister added they are determined to end the fuel and power crisis that had been a severe burden on industries.
Minister of Finance Ali Sabry said they also need a social security net to protect the poor.
He said they are also holding discussions with China to obtain further funding. Minister Sabry added India has also been very helpful during trying times.
Minister of Finance Ali Sabry noted that with assistance from India, China, IMF, World Bank and the Asian Development Bank, the government is hoping to overcome the current economic crisis.