Egypt, IMF Reach Initial Accord on 3-Year, $12 Billion Loan

International Monetary Fund and Egypt have reached an agreement over a $12 billion three year “extended fund facility,” the fund said in a statement.

“This agreement is subject to approval by the IMF’s Executive Board, which is expected to consider Egypt’s request in the coming weeks,” Chris Jarvis, the IMF Egypt mission head, said in the statement.