Egypt, IMF sign initial deal for $12 billion, 3-year loan

August 11, 2016 10:35 AM

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CAIRO – The International Monetary Fund says it has signed an initial agreement with Egypt to loan the country $12 billion over three years.

In a statement on Thursday, the IMF says the loan, which is subject to approval by the IMF's Executive Board, comes in support of the government's program to reform the economy.

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