Egypt and IMF reach deal on $4.8b loan

21.11.2012                      07.Kislew. 5773

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Egypt and IMF reach deal on $4.8b loan

Reforms to include reduction of 'wasteful expenditures' such as energy subsidies and tax reform; resources to be use for increased social spending, new infrastructure.

Egypt and the International Monetary Fund have reached an initial agreement for a $4.8 billion loan to revive the country's ailing economy. The deal, agreed after nearly three weeks of negotiations in Cairo, will support the government's economic program for 22 months, the IMF said in a statement….