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IMF Paves Way for Talks on Egypt Debt

May 17, 1987|United Press International

CAIRO — An agreement with the International Monetary Fund has opened the way for negotiations on rescheduling $10 billion of Egypt's debt with major creditors, including the United States, officials said Saturday.

They said the talks with the so-called Paris Club--involving the United States and several West European nations--will take place Thursday and Friday in the French capital. Egypt's foreign debt is believed to exceed $36 billion.

On Friday night in Washington, the IMF pledged $325 million in standby credit for Egypt after Cairo agreed to implement economic reforms, the Middle East News Agency reported.

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