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Washington (AFP) - The International Monetary Fund on Friday approved a three-year, $12 billion loan for Egypt to help the country recover from its economic crisis amid soaring inflation and deficits.
The IMF executive board said it would release $2.75 billion to Egypt immediately, while further disbursements will depend on the country's economic performance and agreed milestones in implementing the reforms.
"Even if the IMF has changed and is no longer imposing the same austerity measures, the reality in the ground is that it's a very difficult agreement to implement," Bessma Momani, expert on the Arab world at the Centre …
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