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IMF agrees $12 billion loan to boost Egypt economy

The IMF says it has reached an initial agreement with Egypt for a $12 billion loan over three yearsThe International Monetary Fund said Thursday that it had reached an initial agreement to lend $12 billion to Egypt to bolster an economy battered by years of unrest. The Egyptian government hopes the three-year deal will provide a lifeline for the North African nation as it grapples with a dollar shortage and dwindling foreign reserves. “Egypt is a strong country with great potential but it has some problems that need to be fixed urgently,” the head of the IMF delegation to Egypt, Chris Jarvis, said in a statement.

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