IMF Commends Egypt $3 Billion Plan to Create Jobs, Boost Economy - Bloomberg:
"The International Monetary Fund commended Egypt’s plan to boost public spending by $3 billion to create jobs and stimulate economic growth as political unrest keeps private investment subdued.
“We do think it’s a good idea,” Masood Ahmed, head of the Middle East and Central Asia department at the IMF, said in a briefing today in Washington.
The stimulus is financed by aid from Saudi Arabia, the United Arab Emirates and Kuwait, which have pledged $12 billion to Egypt since the military toppled Islamist President Mohamed Mursi in July. The Gulf money offers Egypt a “window” to carry out reforms that would direct more spending toward capital investment, Ahmed said."
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