Egypt's economy may grow by 2.5 percent during the 2012-2013 fiscal year, minister of planning and international cooperation said on Sunday.

The minister had said last February that he expects a three percent growth.

The budget deficit in the 2013-2014 fiscal year might reach 9.5 percent but we expect to lower it to 8 percent during the fiscal year that follows, minister Ashraf al-Arabi stated.

Acquiring the International Monetary Fund's $4.8 billion loan will not require the approval of the Shura Council, al-Arabi said, adding that negotiations with the fund will conclude within the coming few days.

The cabinet has no intention of asking for a bigger loan from the fund, the minister explained.

The loans and grants Egypt managed to secure lately will sustain foreign reserves within the safe limits and that will revive the economy and attract foreign investment, al-Arabi stated.

Egypt's government last Wednesday signed a deal with the Libyan government that grants the former an interest-free $2 billion loan which aims at upholding the state's economy, its general budget and its foreign reserves.

Qatar had announced its intention to buy Egyptian bonds for $3 billion as the Egyptian pound reached 6.85 pounds to the dollar officially and 7.85 pounds to the dollar in the black market.

Egypt seeks to acquire loans and aids to back its sluggish economy which was triggered by continuous political turbulences since former president Hosni Mubarak was toppled in a 2011 uprising.