IMF approves $12 bn loan to support Egypt's economy

The International Monetary Fund head of delegation for Egypt, Chris Jarvis (L) and Egypt’s Minister of Finance Amr al-Garhy attend a joint press conference in Cairo on August 11, 2016The International Monetary Fund on Friday approved a three-year, $12 billion loan for Egypt to help the country recover from its economic crisis amid soaring inflation and deficits. 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 agreed milestones in implementing the reforms. The program “will help Egypt restore macroeconomic stability and promote inclusive growth,” the board said in a statement.

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