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As Egypt struggles to contain its widening budget deficit, the US has agreed to provide a new aid package to support the economy. The IMF has also said that it is ready to help Egypt, although it is still premature to speculate whether negotiations over the stalled loan of $4.8bn from the IMF are to resume in the near future.
There is also a growing realization in the West that Egypt must be supported as an ally in the fight against radical Islamism, in light of the rise of the Jihadist Islamic State (IS).
Egypt has achieved some degree of political stability with the election last June of President ‘Abd al-Fattah al-Sisi (MEES, 6 June) and now needs financial support from the international community to become economically more stable.
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