Egyptian Government has obtained a three-year $12bn (€11bn) loan approval from the International Monetary Fund (IMF) to help the country revive its economy.
The loan will be released in trenches with the initial release off $2.75bn immediately and the rest is subject to the Egyptian economic performance and reforms.
The IMF Managing Director Christine Largarde said the approved funds are meant to bailout the Egyptian economy and "address longstanding challenges".
Egypt is facing high unemployement and budget deficit of 12% of its' GDP. The country's leader President Abdul Fattah al-Sisi is struggling to reposition the economy, attract foreign investment since coming to power after the political turmoil that swept across North Africa and the Middle East in 2011. The political turmoil also known as Arab Spring affected the country's tourism industry which is its traditional source of income resulting in a sharp decline.
The authorities in Cairo last week began liberalization with the floating of the country's currency. the Move instantly saw the Egyptian currency depreciated by almost 50% against the US dollar.
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