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The International Monetary Fund has approved a deal that will provide a $3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in an additional $14 billion in financing for the Middle East country.
The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund. That initial deal came hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points.
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