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Africa North
IMF approves $12 billion loan to aid Egypt’s struggling economy
2016-11-12
[IsraelTimes] Fund to release $2.75 billion immediately, while further disbursements will depend on country’s economic performance.
They need that money -- Saudi Arabia has cut off oil deliveries as well as not delivered promised donations and investments. With the assumption that oil income is permanently reduced, spending decisions become starker.
Posted by:trailing wife

#3  Please take care of Egypt. Don't lose it again
Posted by: newc   2016-11-12 22:16  

#2  Another institution we hope dissolves under the new administration.
Posted by: Skidmark   2016-11-12 09:13  

#1  In the aftermath of the "Arab Spring" and the disastrous Muslim Brotherhood's Morsy revolution, the Egyptian budget deficit exploded. Morsy's economists argued that to survive his government would require an IMF loan package anywhere from $10-15 billion. Meanwhile, the central bank devalued the Egyptian pound while foreign reserves were reduced by some $16 billion. The Egyptian economy has yet to recover, and where that $16 billion went is anyone's guess.
Posted by: Heriberto Greper9897   2016-11-12 07:42  

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