IMF approves largest-ever loan for a Middle East nation

IMF approves largest-ever loan for a Middle East nation, The International Monetary Fund (IMF) has approved a 3 year loan program of $12 billion for Egypt, which is the largest such package in the record of Middle East nation.The loan will help Egypt to restore investor’s confidence and help revive the African nation’s economy by boosting Egypt’s foreign currency inflows, which declined since the 2011 Arab Spring

uprising.

iii. Egypt will receive an immediate disbursement of $2.75 billion, IMF said.

IMF :

♦ Headquarters : Washington, D.C, US

♦ Members : 189 countries

♦ CEO : Christine Lagarde