IMF says Egypt's economy deteriorating

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By MARJORIE OLSTER, Associated Press

WASHINGTON (AP) — The IMF says Egypt's financial situation is deteriorating and the organization is awaiting updated economic information and reform plans from the government in Cairo before it can move ahead with a deal on a $4.8 billion loan.

Egypt's negotiations with the IMF for the loan have dragged on for more than a year. The deal for the loan is expected to usher in widely unpopular austerity measures.

IMF spokesman Gerry Rice told reporters at a media briefing on Thursday that the IMF has not discussed or scheduled any future mission to Egypt yet because it is awaiting fresh economic data.

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