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Wednesday, 3 August 2016

No public-sector layoffs as part of IMF agreement, IDSC confirms

The IMF has not required Egypt to lay off 2 mn public-sector employees as part of the loan’s condition, the cabinet’s Information and Decision Support Centre (IDSC) announced in a report. The issue of downsizing the public sector “has not been approached” and the current programme being negotiated with the IMF is “100% Egyptian” and based on Egypt Vision 2030. The IDSC here is repeating statements previously made by the Finance Ministry, which we noted on Monday. The IDSC also denied that the new civil service law will result in pay cuts for employees, noting that reports on the issue are merely rumours.

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