Egypt minister: Cairo looks to borrow $3.5B to finance budget deficit

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Egypt's state-run news agency says the Egyptian government is negotiating a $3 billion loan with the World Bank and another $500 million from the African Development Bank to finance its budget deficit.

The Wednesday report from the Middle East News Agency cites Finance Minister Hany Kadry Dimian as saying the government is working on both the domestic and international fronts to finance its deficit.

Dimian hasn't ruled out looking to the International Monetary Fund for loans to finance its current financial needs, the MENA report says.

The Egyptian government targets a budget deficit of 8.9 percent of the country's gross domestic product in the current fiscal year ending June 2016, according to the budget.