The International Monetary Fund approved a $12 billion loan for Egypt on Friday, in a move intended to support the economy of the Arab world’s most populous nation.
Egypt won International Monetary Fund approval on Friday for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor. The injection of new funds increased the Central Bank of Egypt’s foreign reserves to $23.3 billion.
The IMF has approved a three-year, $12 billion loan to support the government’s home-grown comprehensive economic reform plan. The loan will be provided under the Extended Fund Facility and also includes measures to protect the poor while strengthening social safety nets is an important component.
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Egypt’s economy faces both urgent and long-standing structural challenges. The $12 billion IMF loan to Egypt will support the authorities’ comprehensive reform plan. The program aims to stabilize the economy, promote growth and jobs, strengthen social safety nets.