IMF approves $12bn loan

THE INTERNATIONAL Monetary Fund (IMF) approved a $12 billion (R171.52bn) loan programme for Egypt to restore investor confidence and help revive an economy battered by years of political turmoil.The Washington-based lender’s executive board approved the three-year loan on Friday. Approval of the IMF loan programme, the largest of its kind on record in the Middle East, comes a week after Egypt floated its currency to end a crippling currency crisis and raised the price of subsidised fuel to rein in one of the region’s largest budget deficits. The programme will help Egypt restore macroeconomic stability and promote inclusive growth, the IMF said. Egypt will receive an immediate disbursement of $2.75bn, the fund said. – Bloomberg

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