Egypt has taken all the required measures to acquire a $4.8 billion loan from the International Monetary Fund (IMF), presidential advisor Essam al-Haddad said on Sunday.

The steps taken include implementing a plan to gradually decrease the government subsidies on goods and drafting a sales tax law.

The delay is the IMF's responsibility, Haddad told the Financial Times, a British newspaper.

The IMF is disrupting the loan’s completion under the pretext of needing to see a political consensus on the cabinet’s economic reform programme, the Middle East News Agency reported.

The Egyptian government prepared last November a financial reform programme that includes implementing wide-ranging procedures related to subsidies and taxes.

Egypt seeks a $4.8 billion loan from the IMF to support its ailing economy. 

The budget deficit will decrease to 9 percent by June 2014 as per the IMF's request, Haddad said.

He pointed to steps the government has taken to reduce squandering public money and to combat corruption.

There are growing fears that Egypt may economically crash in light of the declining foreign reserves and the Egyptian pound's devaluation.