IMF Approves $3 Billion Egypt Loan to Support Ailing Economy
- Program to spur $14 billion more in finance from partners
- Approval enables immediate release of $347 million, fund says
Shoppers at a food market in Alexandria, Egypt.
Photographer: Islam Safwat/BloombergThis article is for subscribers only.
The International Monetary Fund approved a $3 billion loan for Egypt that will offer some relief to an economy grappling with the fallout of Russia’s invasion of Ukraine.
The approval on Friday by the IMF executive board will enable an immediate disbursement of about $347 million, the Washington-based lender said.