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11.22.2011

Egypt IMF loan

Egypt's finance minister Hazem El-Beblawi has said the government is strongly inclined towards accepting a previously rejected IMF loan of around $3bn to reduce the costs of domestic borrowing, AFP has reported. The loan was being revisited to curb the need for domestic lending, which he described as "expensive," he said. The IMF sent a mission to Egypt earlier this month but made no mention of the loan.