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IMF Plans to Help Egypt Secure Remaining Money for Loan Deal

  • Egypt needs $21 billion for growth-oriented three-year program
  • IMF has agreed in principle to lend Egypt $12 billion
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IMF to Help Egypt Plug Economic Gap

The International Monetary Fund said it will help Egypt plug the remaining financing gap for its economic program before the fund’s executive board approves a $12 billion loan deal with the Arab country.

The government is targeting $21 billion over three years to revive growth and ease a crippling foreign-exchange shortage. In addition to the IMF loan, funds will come from the World Bank, the bond market, and bilateral accords.