MOSCOW (Sputnik) — The International Monetary Fund's Executive Board approved on Friday a three-year $12 billion loan to support the authorities’ economic reform program, the IMF said in a statement.
"The Executive Board’s approval allows for an immediate purchase of SDR 1.970 billion (or US$2.75 billion). The remaining amount will be phased over the duration of the program, subject to five reviews," the statement said.
According to the statement, the program supported by the Extended Fund Facility (EFF) "will help Egypt restore macroeconomic stability and promote inclusive growth."
