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Saturday, 12 November 2016

IMF board approves $12bn Egypt bailout

IMF board approves $12bn Egypt bailout:

"The International Monetary Fund’s executive board has approved a $12bn bailout of Egypt to buttress the government’s finances and help the Arab world’s most populous country restore some vim to its economy.

Egypt’s economy has struggled since the Arab Spring that ousted the government led by Hosni Mubarak. His successors have intermittently flirted with the IMF since then as the government budget deficit has widened and the Egyptian pound come under severe pressure.

The government led by Abdel Fattah al-Sisi this year restarted talks with the Fund, and to win its support let the central bank float the currency – causing a sharp drop – and earlier this month raised petrol prices to trim the cost of subsidies."



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Saudi Arabia owes billions to private firms after collapse in oil revenues | World news | The Guardian

Saudi Arabia owes billions to private firms after collapse in oil revenues | World news | The Guardian:

"Saudi Arabia has admiited that it owes billions of dollars to private firms and foreign workers after oil revenues collapsed, the kingdom’s new finance minister said.

The arrears have left tens of thousands of foreign workers, chiefly in the construction sector, struggling for months while they await back pay.

“I don’t recall the exact amount now but its billions of dollars,” Mohammed Aljadaan told reporters on Thursday."



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