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Egypt must work to secure $3.2bn IMF loan

Masood Ahmed, director of the International Monetary Fund for the Middle East has said Egypt needs to do "some technical work" to secure a $3.2bn loan from the intergovernmental organisation, Reuters has reported. "We are ready as soon as pillars are there for that programme to move forward relatively quickly," Ahmed said. Egypt and the IMF are in discussions on a $3.2bn loan programme, which Egypt had requested earlier this year, but which had been opposed by the powerful Muslim Brotherhood's Freedom and Justice Party.