IMF to meet Friday to decide on Egypt's $12 bln loan

The International Monetary Fund (IMF) board will meet on Friday to discuss Egypt’s request for financial assistance, IMF director Christine Lagarde said on Tuesday, adding that she will recommend that the loan be approved.
In mid-August, Egypt reached a staff-level agreement with the IMF on a $12 billion fund facility over three years, which is currently awaiting the fund's executive board approval.

“I will recommend that the board approve Egypt’s request in support of this ambitious economic reform programme that will help restore macroeconomic stability and bring Egypt’s economy closer to its full potential,” Lagarde said in a press statement after Egypt floated its currency last Thursday and increased the prices of subsidised fuel.