IMF approves 3-bln-USD loan to Egypt

CAIRO, Dec. 17 (Xinhua) -- The International Monetary Fund (IMF) said on Friday that its executive board had approved a loan to Egypt of about 3 billion U.S. dollars over 46 months.

The decision enables an immediate disbursement of about 347 million dollars to Egypt, "which will help meet the balance of payments need and provide support to the budget," the IMF said in a statement, adding the loan package is expe