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Egypt expects to sign IMF deal before November 11

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Staff Writer | November 7, 2016
The International Monetary Fund (IMF) will give its final approval on Egypt’s $12 billion lending programme before November 11, the chairman of Egypt’s largest-listed bank, CIB, said.
Economies   Hisham Ezz al-Arab said in a television interview
Hisham Ezz al-Arab said in a television interview that he has knowledge with the IMF’s ongoing talks with Egypt and that the fund would sign the final agreement by November 11 maximum.

Egypt received earlier in August a preliminary approval for the three-year deal aimed at plugging its budget deficit and balancing currency markets but the IMF's executive board still has to sign off.

“Floating the Egyptian pound will make a positive impact on the national economy; the market will witness some uncertainty for a just a while and citizens have not to worry.” Ezz al-Arab said.