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News Summary: Egypt, IMF agree on $4.8B loan

The Associated Press

BIG DEAL: Egypt and the International Monetary Fund have reached an initial agreement for a $4.8 billion loan that will support the government's economic program for 22 months.

DIRE NEED: Egypt's government views the loan as crucial to addressing a range of economic troubles it is facing in the wake of last year's uprising that toppled President Hosni Mubarak's 29-year regime.

GRIM BACKDROP: The new Islamist government of President Mohammed Morsi is struggling with labor unrest, low growth rates, a plunge in foreign currency reserves, and a loss of tourism revenue and foreign investment since the uprising.