BREAKING: IMF board approves Egypt’s $12 billion loan deal

The International Monetary Fund’s executive board has approved its three-year, $12 billion loan to Egypt to support its economic reform programme, the fund announced in a statement on Friday.

The IMF said its board’s approval allows for a 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, Reuters reported citing IMF’s statement.