IMF approves $3 billion Egypt loan to support ailing economy

The International Monetary Fund approved a $3 billion loan for Egypt that will offer some relief to an economy grappling with the fallout of Russia’s invasion of Ukraine. 

The approval on Friday by the IMF executive board will enable an immediate disbursement of about $347 million, the Washington-based lender said. 

The Extended Fund Facility will unlock financing from abroad for Egypt, one of the world’s largest wheat importers. It’s been hit hard by soaring oil and commodity prices, and foreign portfolio investors have pulled some $22 billion from what was once a favorite debt market.