{"id":267451,"date":"2016-11-12T07:06:27","date_gmt":"2016-11-12T07:06:27","guid":{"rendered":"http:\/\/citifmonline.com\/?p=267451"},"modified":"2016-11-12T07:06:27","modified_gmt":"2016-11-12T07:06:27","slug":"egypt-wins-approval-for-12bn-loan-from-the-imf","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2016\/11\/egypt-wins-approval-for-12bn-loan-from-the-imf\/","title":{"rendered":"Egypt wins approval for $12bn loan from the IMF"},"content":{"rendered":"
The International Monetary Fund (IMF) has approved a three-year $12bn (\u20ac11bn) loan for Egypt to help the country out of its deep economic crisis.<\/p>\n
Egypt will receive $2.75bn immediately, with the rest subject to its economic performance and further reforms.<\/p>\n
IMF Managing Director Christine Lagarde said the bailout would “address longstanding challenges”.<\/p>\n
Egypt’s President Abdul Fattah al-Sisi is facing high unemployment and a budget deficit of 12% of GDP.<\/p>\n
The country has struggled to attract foreign investment since the political turmoil in 2011 and the so-called Arab Spring<\/a>, which saw former president Hosni Mubarak overthrown.<\/p>\n Tourism – traditionally a leading source of income for Egypt – has declined sharply over the past five years.<\/p>\n