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US set to cut $1 billion from Egypt's debt

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The US administration is set to sign an agreement with Egypt as part of which $ 1 billion of its debt will be relieved in an effort meant to encourage its transition to democracy, the New York Times reported.

 

Egypt has previously asked for a $4.8 billion loan from the International Monetary Fund. (Yitzhak Benhorin, Washington)

 

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