Egypt Close to a Deal for IMF Funds

Wednesday, July 27, 2016

Egypt is close to securing a deal to ease its financial woes. The government revealed on July 26 that it was close to sealing a deal for a lending program with the IMF to ease its funding gap.

A statement from Egypt’s cabinet said that the prime minister ordered the central bank governor and minister of finance to complete negotiations for the program with an IMF team that will visit Egypt in the next few days.

The North African country is seeking to secure $7 billion annually in financing over a three-year period.

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