IMF to grant Egypt $12bn loan to fix ailing economy

The International Monetary Fund (IMF) is to grant Egypt a $12bn loan over three years to help the country mend its ailing economy following years of unrest.

The IMF said the loan, which is subject to approval by its executive board, comes in support of a government reform programme that aims to stabilise Egypt's falling currency, reduce the budget deficit and government debt, as well as boost growth and create jobs.