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I.M.F. Lends $12 Billion to Egypt to Fix Ailing Economy

By Tony Seruga

An Egyptian woman carried her son as she made her way past a shop window saying “great sale” in Arabic in downtown Cairo on Tuesday. CreditNariman El-Mofty/Associated Press

CAIRO — The International Monetary Fund said Thursday that it would grant Egypt a $12 billion loan over three years to help Egypt mend its ailing economy after years of unrest.

The I.M.F. said the loan, which is subject to approval by its executive board, comes in support of a government overhaul that aims to stabilize Egypt’s currency, reduce the budget deficit and government debt, and bolster growth and create jobs.

“Egypt is a strong country with great potential but it has some problems that need to be fixed urgently,” I.M.F. said in a statement, adding that the government planned to increase taxes and cut energy subsidies. Egypt said this week that it would raise electricity prices by a least a quarter, which is part of a plan to eliminate the subsidies altogether by 2019…

I.M.F. Lends $12 Billion to Egypt to Fix Ailing Economy

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