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IMF says deal reached on $5.8 billion loan for Egypt

Published on Nov 20, 2012 10:40 PM

WASHINGTON (AFP) - The International Monetary Fund said Tuesday it had reached a deal with Egyptian authorities on a 22-month loan totalling some US$4.8 billion (S$5.8 billion) to help the country overcome economic difficulties.

The staff-level agreement is expected to be submitted to the IMF's executive board for approval in a few weeks, a statement said.

"The Egyptian authorities have developed a national programme that seeks to promote economic recovery, address the country's fiscal and balance of payments deficits, and lay the foundation for rapid job creation and socially balanced growth in the medium term," said IMF official Andreas Bauer, who led the Washington-based lender's mission to Cairo.

"The policies contained in the authorities' programme will help address Egypt's pressing economic and social challenges, and reduce vulnerabilities," he added.

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