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FINANCIAL NEWS
IMF to recommend USD12bn Egypt loan support
09 Nov 2016
(MENAFN) Intl’ Monetary Fund (IMF) proclaimed that it will recommend an approval of USD12bn loan for Egypt to support the country’s reform program.
Meanwhile, Egyptians are looking at a period of hardship as the government unrolls austerity measures ahead of the IMF program.
In addition, the government also proclaimed a 7 percent salary increase for civil servants, who number almost 6mn out of a total population of more than 90mn.
Accordingly, cutting fuel subsidies will enhance Egypt’s external competitiveness, address shortages of foreign currency and help attract foreign investment.
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