IMF approves largest-ever loan for a Middle East nation

The International Monetary Fund (IMF) has approved a three-year $12 billion loan program for Egypt, the largest such package to a Middle East nation. The loan will help in boosting Egypt’s foreign currency inflows, which have dwindled since the 2011 Arab Spring uprising, and revive the African nation’s economy.

Egypt will receive an immediate disbursement of $2.75 billion.

Source-The Hindu

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