Egypt gov’t begins consultations with IMF over $5b loan


Egypt has opened negotiations with the International Monetary Fund over a $5 billion loan.

The negotiations, which started last week, are headed by the central bank.

The IMF and Egypt have been discussing a possible loan worth up to $4.8 billion. But talks have faltered since 2013, after former President Mohammed Mursi was ousted and Gulf nations began pouring of billions of dollars in aid into Egypt.

Egypt’s economy has been struggling since a mass uprising in 2011 drove away tourists and foreign investors. A foreign-currency shortage has crippled some businesses in the country of around 90 million, and the government has been implementing a series of reforms aimed at reviving its economy.

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