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IMF team in Cairo next week to review third instalment of $12-billion loan

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IMF team in Cairo next week to review third instalment of $12-billion loan

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CAIRO (Reuters) – A delegation from the International Monetary Fund (IMF) will arrive in Cairo next Tuesday to review Egypt’s progress on economic reforms before it disperses the third instalment of a $12-billion (£9.1 billion) loan programme, the Finance Ministry said. The IMF said last month Egypt should receive a third loan instalment of around $2 billion after a second check of progress at the end of this year, but indicators pointed to progress and consolidated economic growth. Egypt agreed a three-year, $12 billion IMF loan programme last November that is tied to sweeping reforms such as spending cuts and tax hikes. They are designed to help revive an economy hard hit by a shortage of foreign currency and investment in the turmoil that followed its 2011 uprising.

(Reporting by Amina Ismail; Editing by Gareth Jones)
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