Egypt gets $3b IMF standby loan June 7, 2011 at 3:50 am
The International Monetary Fund on Sunday agreed to present Egypt with $3 billion in financing to help the Arab world’s most populous nation ease the blow to its economic system sustained by the common uprising that ousted former President Hosni Mubarak.
The loan announcement comes days soon after the government unveiled a draft budget that projects the deficit swelling to virtually 11 % with the nation’s gross domestic product, as officials appear to increase social services spending to meet persistent demands by a population that complained of gross economic inequity underneath the former regime.
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