IMF ap­proves $12-bil­lion loan to sal­vage Egypt’s econ­omy

Jamaica Gleaner - - GROWTH & JOBS -

CAIRO, Egypt (AP): THE IN­TER­NA­TIONAL Mone­tary Fund (IMF) said on Fri­day that its ex­ec­u­tive board has ap­proved a three-year bailout to­talling $12 bil­lion to Egypt, to sup­port the coun­try’s ail­ing econ­omy — a move in­tended to re­store in­vestor con­fi­dence and raise the coun­try’s for­eign re­serves. Even with the loan, economic chal­lenges re­main ahead.

The ap­proval comes al­most a week af­ter the Egyp­tian gov­ern­ment floated its cur­rency and raised fuel prices in or­der to qual­ify for the loan. These painful mea­sures earned praise from the IMF and the in­ter­na­tional busi­ness com­mu­nity, but caused price hikes for an al­ready frus­trated cash-strapped pop­u­la­tion, with Pres­i­dent Ab­delFat­tah el-Sissi now risk­ing a se­ri­ous political back­lash.

BUSINESSREGIONAL

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