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In addition, while tens of billions of dollars have been pledged by foreign donors and institutions, Prime Minister Kamal El-Ganzouri said Thursday that only $1 billion had been delivered so far. Rounding off the country's litany of fiscal woes is that it has been wary of turning to the International Monetary Fund for a $3 billion loan. "Moody's believes that the Central Bank of Egypt will find it increasingly difficult to maintain adequate international liquidity in the months or year ahead, raising the risk of a balance-of-payments crisis," the agency said in a statement. Much of the current political turmoil stems from a standoff between the military and protesters who are demanding that the ruling generals step down and hand over power to civilian rule. Recent violent clashes that left at least 14 dead have tapered off, but tensions remain high in the country especially as the fundamentalist Muslim Brotherhood appears to have strengthened its winnings after the second round of staggered parliamentary elections. The harder-line Salfist groups have come in second, raising fears that the next legislature will be dominated by Islamists. El-Ganzouri called for a national dialogue and pleaded for a two-month period of calm to allow the country to restore security and some semblance of economic stability. He also said the ruling generals were eager to relinquish power, but did not elaborate.
[Associated
Press;
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