Egypt Makes Plans For An IMF Loan As It Continues To Struggle Economically

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A man counts Egyptian pounds at currency exchange shop in downtown Cairo on Nov. 3, 2016. (Khaled Desouki/AFP/Getty Images)

The Egyptian Central Bank has decided to devalue the country's currency by 48 percent, as part of Egypt's preparations for a pending $12 billion loan from the International Monetary Fund.

Five years after the Arab Spring, the United States and European countries are heavily invested in finding ways to help Egypt recover. Meanwhile, the country is also in the midst of its rainy season, which means heavy flooding.

Here & Now‘s Jeremy Hobson talks to Jane Arraf (@janearraf), NPR Cairo correspondent, about the current economic and political situation in Egypt.

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