An Egyptian vegetable seller is seen at a market in Cairo, Egypt May 10, 2016. REUTERS/Mohamed Abd El Ghany
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The International Monetary Fund urged Egypt to maintain a tight monetary policy as a new round of subsidy cuts rekindled inflation worries.The IMF has been broadly supportive of Egypt's reform initiative, and in 2016 awarded the government a $12 billion loan seen as key to shoring up investor confidence.The IMF projected Egypt's economic expansion at 5.5 percent in the fiscal year that began July 1, and revised inflation expectations down to 13.1 percent for the end of that year, from 15.2 percent previously.
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