IMF approves Egypt’s $12 billion loan request

According to media reports, the International Monetary Fund (IMF) approved Egypt’s $12 billion loan request on November 11 in order to help the country recover from economic difficulties.

The IMF reported that the Central Bank of Egypt (CBE) will receive the initial installment worth $2.75 billion while the remainder will be provided over the next three years and will depend on execution of required reforms and the country’s economic performance during this period.

Before the IMF’s decision, the CBE had reached a deal to secure a $2 billion loan from global banks as part of its efforts to ease liquidity tightness and to overcome high exchange rates. The IMF reported in a statement on its website that the program will restore macroeconomic stability in Egypt and promote growth and employment.