Egypt bids for £3bn IMF rescue package

Egypt has formally asked the International Monetary Fund for a 4.8 billion dollar (£3.02 billion) loan, seeking a desperately needed rescue package for its faltering economy but raising the possibility of painful restructuring in a country still reeling since its revolution more than 18 months ago.

The loan deal, which Egypt says it will reach by the end of the year, presents a major test to the Muslim Brotherhood-rooted president, Mohammed Morsi, the country's first freely elected leader - brought to power after the fall of Hosni Mubarak.
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