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FINANCIAL NEWS
Egypt to ink USD3.2b IMF loan agreement
20 Feb 2012
(MENAFN) Egypt’s finance minister, Mumtaz al-Said, said that in March, the government would ink a USD3.2 billion loan deal with the International Monetary Fund (IMF), reported AP.
Al-Said added that last month, Egypt formally asked the fund to provide the country with the loan, after rejecting an offer made in 2011.
Moreover, the amount would be dispersed on three stages: the first upon the deal’s signing, and the second after three months whereas the third after six months.
It is worth noting that Egypt is also in talks with the World Bank (WB) for a second loan.
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