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Egypt gets massive loans from IMF to revive economy

Egypt is getting a massive cash from the International Monetary Fund.
●    12 billion dollar loan has been approved – to support Cairo’s economic reform programme.
●    Egypt has been finding it tough to attract dollars and revive its economy since the uprising back in 2011.
●    The IMF loan is also seen as a positive move in terms of pulling back private investors who have turned their backs on Egypt.
●    Egypt agreed the loan in August, but had to secure bilateral financing to seal the deal.
●    The final approval also comes after the central bank abandoned its currency peg of 8.8 pounds to the US dollar – a dramatic move welcomed by the IMF and World Bank.
●    The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C.
●    Formed in 1944, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.