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IMF: Morsi's decree will have no effect on loan approval

IMF spokeswoman declares President Morsi's recent controversial decree will not affect loan approval

Reuters, Tuesday 27 Nov 2012
Egypt must keep outlook, policy steady for IMF loan review
Egypt's government expects to seal a loan from the International Monetary Fund by 15 May. (Photo:Reuters)
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The International Monetary Fund's board will require no major change in economic outlook or policy when it considers approving a $4.8 billion loan to Egypt, an IMF spokeswoman said.
The loan deal was agreed in principle this month.

Spokeswoman Wafa Amr was responding in an e-mailed statement to questions about whether President Mohamed Morsi's decree to extend his powers would threaten the preliminary loan deal, seen as vital to rebuilding confidence in Egypt's economy.

"Consideration of the agreement by the IMF Executive Board will require that there is no major change in the economic outlook and implementation plans," she said. Officials have said the loan would be reviewed by the board on Dec. 19.

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