IMF approves $12bn loan for Egypt's economic recovery

The IMF approved a three-year $12bn loan to Egypt amidst its deep economic crisis. The loan aimed to support the country's economic reform program, addressing fiscal deficits and boosting investor confidence. Egypt had been struggling with low foreign currency reserves, high inflation, and a decline in tourism and foreign investments. The loan came with conditions such as implementing austerity measures and structural reforms to stabilize the economy, including cutting subsidies and floating the currency. The approval of the loan was seen as a positive step towards restoring Egypt's macroeconomic stability and sustainable growth. The country experienced initial hardships with a surge in prices and a drop in the value of the Egyptian pound after the loan was secured. However, over time, the reforms started showing results, with improved economic indicators and increased investor interest. The loan played a crucial role in helping Egypt navigate through its economic challenges and set a path towards recovery and growth. #IMF #Egypt #EconomicReform #FinancialStability