Egypt receives $3 billion from IMF

Egypt receives  billion from IMFEgypt has announced that it will receive a $3 billion emergency loan from the International Monetary Fund to cover a projected budget deficit.  After the ousting of President Hosni Mubarak in January, Egypt has struggled to attract tourists and investors, and faces a potential deficit of 11.3% of GDP.  This initial loan by the IMF will hopefully spur other investors like the European Union and large countries to give more aid to fledgling Egypt.

Egypt’s government is facing a decrease in revenue along with an increase in expenditures in an effort to right the wrongs of the previous regime.  It has an estimated $5.5 billion deficit in balance of payments, so the IMF aid package will help drive that down to a manageable amount.  The deal is expected to be signed between now and Sunday.

 

Egypt has announced that it will receive a $3 billion emergency loan from the International Monetary Fund to cover a projected budget deficit.  After the ousting of President Hosni Mubarak in January, Egypt has struggled to attract tourists and investors, and faces a potential deficit of 11.3% of GDP.  This initial loan by the IMF will hopefully spur other investors like the European Union and large countries to give more aid to fledgling Egypt. Egypt’s government is facing a decrease in revenue along with an increase in expenditures in an effort to right the wrongs of the previous regime.  It...

Egypt receives  billion from IMFEgypt has announced that it will receive a $3 billion emergency loan from the International Monetary Fund to cover a projected budget deficit.  After the ousting of President Hosni Mubarak in January, Egypt has struggled to attract tourists and investors, and faces a potential deficit of 11.3% of GDP.  This initial loan by the IMF will hopefully spur other investors like the European Union and large countries to give more aid to fledgling Egypt.

Egypt’s government is facing a decrease in revenue along with an increase in expenditures in an effort to right the wrongs of the previous regime.  It has an estimated $5.5 billion deficit in balance of payments, so the IMF aid package will help drive that down to a manageable amount.  The deal is expected to be signed between now and Sunday.

 

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