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Egypt sees initial IMF deal this week

The Egyptian government expects to sign a memorandum of understanding with the International Monetary Fund for a $4.8 billion loan before an IMF negotiating team leaves Cairo on Wednesday, Finance Minister Mumtaz al-Said said.

 

The government also plans to eliminate a gasoline subsidy effective Wednesday or Thursday, he said, a move that suggests the government wants to show it is taking active steps to close the deal. (Reuters)