Egypt will let 6 million state employees borrow against their salaries in a move designed to stimulate the economy, Al-Akhbar newspaper reported on Wednesday, citing an unnamed Ministry of Finance off...

Egypt will let 6 million state employees borrow against their salaries in a move designed to stimulate the economy, Al-Akhbar newspaper reported on Wednesday, citing an unnamed Ministry of Finance official.  Under the programme, employees will be able to borrow up to 25 percent of their salaries as of Jan 1 in loans that must be repaid within seven years. "The programme is a tool used by the ministry to limit the relative slowdown that has hit the markets in general. It will have a direct effect on inflation," the newspaper quoted the official as saying. (Source: Reuters)