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IMF Leaves Egypt After Hearing From Opposition

By Associated Press - Apr 16, 2013 at 9:54AM

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The IMF mission was in Egypt for nearly two weeks of talks with government officials and the opposition around possible political consensus for a $4.8 billion loan request.

CAIRO (AP) -- A team from the International Monetary Fund has left Egypt without securing a broad backing from the country's opposition for the government's economic plan.

The IMF mission was in Egypt for nearly two weeks of talks with government officials and the opposition around possible political consensus for a $4.8 billion loan request. Egypt is deeply polarized and this has further battered the economy.

Andreas Bauer, who headed the IMF group, said Tuesday the "mission made progress" on "possible financial support."

The statement suggests a deal still hinges on the government's ability to rein in spending on energy subsidies and raise taxes.

Ahmed Kamel of the opposition Congress Party met with the IMF for two hours and says the deal must be done in a way that protects the poor.

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