The International Monetary Fund (IMF) said Egypt's government and political partners have made good progress in agreeing on the content of an IMF funding program for the country.

"We feel there is some progress in terms of getting a commitment and broad buy-in to the objectives and the measures" of a program, including among those who are likely to be involved in implementing after the elections, said IMF Director for the Middle East Masood Ahmed.

Egypt and the IMF are in discussions on a $3.2 billion loan program. The IMF is insisting that any agreement on financing is backed by Egypt's government and political partners ahead of June elections.

Ahmed said the IMF agreed with Egypt's estimated financing needs of $10 to $12 billion.-Reuters