by Merrit Kennedy
Jan 26, 2013 (Weekend Edition Saturday) — Egypt is trying to come to grips with a serious budget deficit in order to secure a $4.8 billion loan from the International Monetary Fund. This will likely mean both spending cuts and tax hikes on food items, water and electricity. The government is drawing the proposals up as many Egyptians are feeling the pinch of two years of economic turmoil and already-rising prices.
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