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Contrary to expectations, Egypt rejects new IMF loan

Many observers were surprised when Egypt announced recently it has turned down negotiations for a new loan from the International Monetary Fund.

CAIRO — Does Egypt need to borrow more money? That's the billion-dollar question preoccupying citizens and economists.

At the Egypt Petroleum Show on Feb. 11 in Cairo, Tarek Amer, the Central Bank of Egypt governor, said Egypt and the International Monetary Fund are discussing possible IMF technical support for the government's structural reform program aimed at reducing bureaucracy.

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