Egypt secures a $3 billion financing agreement from IMF

CAIRO - Egypt secured a $3 billion, 12-month standby financing agreement with the International Monetary Fund on Sunday, the IMF said in a statement.
"The authorities' economic program is a first step to laying the foundation for a more inclusive private-sector-led economic growth," the statement said.
"Monetary and exchange rate policies will aim at maintaining macroeconomic stability, including by preserving a comfortable level of reserves to ensure that Egypt will have a buffer against unanticipated shocks," it added.
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