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IMF to fund Egypt with USD12b

13 Aug 2016

(MENAFN) The International Monetary Fund (IMF) announced on Friday that it had reached an agreement with Egypt for a $12 billion three-year funding facility to support a government reform program.

IMF said Egypt’s reform program aimed to improve foreign exchange markets and reduce the budget deficit.

Also, IMF said in a statement that the deal is subject to approval by the IMF executive committee which is expected to consider Egypt’s request in the coming weeks.

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