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The IMF says that it will help Egypt secure the additional $5-6bn of bilateral aid that has to be raised before the fund can approve the $12bn three-year Extended Fund Facility (EFF) promised to Egypt last month (MEES, 19 August).
IMF Managing Director Christine Lagarde says the fund is in the process of tapping senior officials from a number of countries including Egypt’s traditional Gulf benefactors to “chip in.”
“The fact that Egypt has now reached an agreement with the IMF is an indication that they are taking their economic restructuring, their economic objectives seriously, and that should encourage either friendly neighboring countries or other bilateral partners to actually participate in the funding,” she told Reuters in a 4 September interview. (CONTINUED - 879 WORDS)