Egypt on Cusp of $12 Billion IMF Aid Seen Prelude to Devaluation

  • IMF announces three-year extended fund facility in Cairo
  • Government’s economic program includes VAT and spending cuts

Egypt and IMF Reach Initial $12 Billion Deal

Egypt moved closer to securing $12 billion of International Monetary Fund support designed to restore the confidence of foreign investors and ease a crippling dollar shortage hampering economic growth.

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