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IMF's Lagarde says will recommend approval of next Egypt loan tranche

IMF's Lagarde says will recommend approval of next Egypt loan tranche
International Monetary Fund (IMF) Managing Director Christine Lagarde gestures during a panel discussion at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 25, 2019. REUTERS/Arnd Wiegmann   -   Copyright  ARND WIEGMANN(Reuters)
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WASHINGTON (Reuters) – International Monetary Fund Managing Director Christine Lagarde said on Friday that she will recommend that the Fund’s executive board approve a fourth review of Egypt’s $12 billion loan program, a move expected to unlock a $2 billion disbursement.

Lagarde said in a statement that the board will meet in coming weeks to discuss the review. She commended Egyptian authorities for reforms that have put the country’s budget deficit on a declining trajectory, and that have helped to reduce its unemployment rate to 10 percent, the lowest since 2011.

(Reporting by David Lawder; Editing by Chizu Nomiyama)

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