IMF approves $3bn Egypt loan
The International Monetary Fund agreed to provide Egypt with $3bn (€2bn) in financing to help the Arab world’s most populous nation ease the blow to its economy sustained by the popular uprising that ousted former President Hosni Mubarak.
The loan announcement comes days after the government unveiled a draft budget that projects the deficit swelling to nearly 11% of the nation’s gross domestic product, as officials look to boost social services spending to meet persistent demands by a population that complained of gross economic inequity under the former regime.
