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Vol 57 No 22

Published 4th November 2016


Egypt

Taking a pounding

The government's attempt to use the IMF to raise funds for a bail-out is unravelling

As the International Monetary Fund delays approval of a jumbo loan and Cairo quarrels with Saudi Arabia, a key source of cheap cash, the government's economic strategy is in tatters. The financing plan dates back to July when President Abdel Fatah el Sisi launched a three-year strategy to raise US$21 billion from the IMF, World Bank and bilateral donors to plug the deficit.

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