On Tuesday, officials from Egypt and the IMF announced a tentative agreement to issue a $4.8 billion IMF loan to the country's cash-strapped government. Egyptian officials agreed to enact spending and tax reforms designed to reduce the country's deficit, attract foreign investment and restore the economic growth that vanished after Mubarak's fall.
IMF officials said the loan was part of a whopping $14.5 billion funding package planned for Egypt. They did not name the donors but they are believed to include the Unites States, the European Union, Saudi Arabia, and Qatar. Final approval of the $4.8 billion IMF agreement lies with the group's board, due to meet on Dec. 19.
And this is a great comment there:
Can we stop pretending that the Arab Spring was anything but a cruel joke on Western journalists and the State Department?