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Egypt in Talks for $800 Million in Aid to Support Low-Income Citizens During Economic Reform

November 14, 2016

Egypt is in “advanced talks” for a USD 800 million loan from European countries to expand its social safety net and shield low-income citizens from the burden of economic reform, Reuters reported Minister of International Cooperation Sahar Nasr said. “We’re aiming for economic growth that will create quality jobs that are inclusive, so segments are not left behind and governorates are not lacking,” Nasr told Reuters. Egypt is currently implementing an ambitious reform program aimed at reviving its economy, which has been struggling since the ouster of longtime dictator Hosni Mubarak in 2011. The ensuing political instability saw significant declines in tourism and investments, leading to the depletion of the country’s foreign reserves – down from USD 36 billion to USD 19.041 billion as of October 2016. In an effort to support the reforms, Egypt has sought a number of loans and grants from various lenders, including Gulf states, European countries and international groups. Most recently, Egypt secured the final approval from the International Monetary Fund for a three-year loan worth USD 12 billion loan. The approval came after Egypt fulfilled a number of prerequisites the fund had put forth for the…

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