Egypt, the most populous Arab country, will gather the additional $6bn in bilateral funding required to push through the $12bn loan deal with the International Monetary Fund (IMF) within one or two weeks, according to Finance Minister Amr el-Garhy.

The IMF has agreed to extend Egypt a $12bn, three-year loan, to help it tackle its currency issues and the plug the budgetary gap. However, the agreement requires that Egypt secures $6bn in bilateral support before IMF board approves the loan.

Egypt is relying mainly on Saudi Arabia and China to help it secure the required funding. Following meetings between the three countries at the G20 leaders’ summit earlier in September, IMF released a statement saying Cairo has had “very productive discussions” with authorities in China and Saudi Arabia regarding the bilateral support.

Egypt received a $1bn deposit for a duration of six months from the UAE in September, as part of Cairo’s efforts to reach its target of $6bn financing.

The Egyptian government also plans to submit an investment law to parliament within “one and a half months or more,” according to media reports.

Egypt is also looking to issue international bonds in the second half of November or the first week of December, he added.

Banks including JPMorgan, Citi, BNP Paribas, and Natixis were mandated in August to lead manage the transaction, after the government had earlier approved an international bond issuance between $3bn-to-$5bn.

Egypt, once an energy exporter with a thriving tourism sector, has been struggling to stabilise its economy. Political instability and periodic violent protests since 2011 popular uprising to oust former president Hosni Mubarak, has driven away tourists and foreign investors.

The country is now trying bring in economic reforms and, as part of the IMF deal, it has approved the introduction of a value-added-tax (VAT) of 13 per cent. The Washington-based fund also wants Egypt to focus monetary policy on easing the chronic dollar shortage and reduce inflation to single digits.