IMF board approves Egypt's $12 billion loan agreement
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CAIRO - The International Monetary Fund's executive board has approved a three-year, $12 billion loan to Egypt to support its economic reform programme, the Fund said in a statement on Friday.
The IMF said its board's approval allows for an disbursement of an initial tranche of $2.75 billion of the loan. The remaining amount will be phased in over the duration of the programme, subject to five reviews, it said.
The programme "will help Egypt restore macroeconomic stability and promote inclusive growth," the statement said.
