Egypt will seek the $3 billion loan from the International Monetary Fund (IMF) that it rejected last year, in an effort to stem its economic decline and restore its foreign-currency reserves.

Egypt will return to negotiations with the IMF next week, and will likely have to accede to IMF demands for economic reforms to receive the loan.

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Egypt’s military-led government originally rejected the IMF’s offer in June 2011 because of populist sentiment opposing any inhibition on Egyptian sovereignty.

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