Egypt doesn’t see sukuk as a substitute for a $4.8 billion International Monetary Fund loan being sought by the government, an adviser to the finance minister told reporters today. The sukuk law, which would allow Egypt for the first time to offer Islamic sovereign debt, has been sent by parliament’s upper house to President Mohamed Mursi for approval, and will be implemented in July, the Finance Ministry’s Ahmed Al-Nagar said.
Egypt Doesn’t See Sukuk as IMF Loan Substitute, Official Says
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