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Tuesday, 28 March 2017

House gives its final approval to IMF loan agreement

Forgive us for feeling it’s a bit anticlimactic, but: The House of Representatives voted in a plenary session yesterday to approve Egypt’s USD 12 bn bailout agreement with the International Monetary Fund, Ahram Gate reports. Our elected representatives grabbed what might be their last opportunity to bellyache about what they claim is the unconstitutionality of the government signing the agreement before getting House signoff, according to the newspaper. Finance Minister Amr El Garhy threw cold water on the claim, stressing that the agreement is part and parcel of the state’s economic reform plan, which the House had approved. House Speaker Ali Abdel Aal had said that the Honorable Members signing off on the agreement meant there was no need for a national referendum on the pact.

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