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Major Lending Effort to Boost Egypt Faces Delays
(Washington Post) Howard Schneider - The U.S. and a coalition of international lenders are pushing ahead with billions of dollars in loans for Egypt, despite the violent political turmoil, hoping to head off a destabilizing economic collapse. The International Monetary Fund had hoped to move forward this month on a $4.8 billion loan for Egypt, but over the weekend, President Morsi reneged on imposing tax increases that the IMF had expected as a way to help bring down the country's budget deficit. On Tuesday, the IMF said that the Egyptian government asked to delay further work on the loan.