Cairo 13 Nov (ANA) - The International Monetary Fund (IMF) has approved a three-year $ 12bn (€ 11bn) loan for Egypt to help the country out of its deep economic crisis. Egypt will receive $ 2.75bn immediately, with the rest subject to its economic performance and further reforms. IMF Managing Director Christine Lagarde said the bailout would "address longstanding challenges". Egypt's President Abdul Fattah al-Sisi is facing high unemployment and a budget deficit of 12% of GDP. The country has struggled to attract foreign investment since the political turmoil in 2011 and the so-called Arab Spring, which saw former president Hosni Mubarak overthrown. Tourism - traditionally a leading source of income for Egypt - has declined sharply over the past five years. Last week Egypt floated its currency in a move that reduced its value by almost 50% against the dollar in an attempt to strengthen confidence in the economy.(ANA)

FA/ANA/13 November 2016---