IMF Approves Biggest-Ever Mideast Loan to Revive Egypt’s Economy
- Egypt to receive immediate disbursement of $2.75 billion
- IMF says loan will restore Egypt’s macroeconomic stablity
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The International Monetary Fund approved a $12 billion loan program 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 program, 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 subsidized fuel to reign in one of the region’s largest budget deficits.