IMF Approves 3-Year, $12 Billion Loan for Egypt
Local Editor
The International Monetary Fund on Friday approved a three-year, $12 billion loan for Egypt to help the country recover from its deep economic crisis.
The IMF executive board said it would release $2.75 billion to Egypt immediately, while further disbursements will depend on the country's economic performance and implementation of reforms.
The program "will help Egypt restore macroeconomic stability and promote inclusive growth," the board said in a statement.
"Policies supported by the program aim to correct external imbalances and restore competitiveness, place the budget deficit and public debt on a declining path, boost growth and create jobs while protecting vulnerable groups."
The move comes after Cairo took crucial preliminary reform steps in recent weeks to meet IMF requirements, including floating the Egyptian pound, which subsequently lost 45 percent of its value against the US dollar.
Source: News Agencies, Edited by website team
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