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IMF executive board approves Egypt $12bn loan

IMF executive board approves Egypt $12bn loan
IMF executive board approves Egypt $12bn loan

Cairo - Mubasher: The executive board of the International Monterey Fund gave a nod, during its meeting held today 11 November 2016, to grant Egypt $12 billion loan fund facility over three years.

Following this approval, Egypt expected to receive a first tranche of $2.75 billion from the IMF.

Earlier this week, IMF Director Christine Lagarde said she would recommend that the request be approved "in support of this ambitious economic reform program that will help restore macroeconomic stability and bring Egypt’s economy closer to its full potential."

The IMF also welcomed the Egyptian Central Bank move to float the Egyptian pound against other hard currencies.

In 2014, the government embarked a fiscal reform program in order to control the accelerating budget deficit which stood at around 12.2% of GDP in the fiscal year 2015/16.

The IMF approves $12 billion loan to Egypt after taking painful austerity measures, hoping to salvage crumbling economy.