IMF delegation presses Egypt on cuts to energy subsidiesAn International Monetary Fund delegation arrived in Cairo on Sunday to review Egypt’s commitment to cutting energy subsidies, raising taxes and seeking more international financing. The reforms are required for Egypt to get the next $1.25 billion tranche of the three-year, $12 billion loan agreement agreed to in November. Cairo received the first $2.75 billion installment when foreign currency reserves dropped significantly soon after the deal was signed.
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