Middle East

Egypt, IMF sign initial deal for $12 billion, 3-year loan

  • This Monday, Aug. 8, 2016 photo shows a general view of a coffee shop that ran out of business near the Giza Pyramids. Egypt's economy has been struggling since the 2011 uprising that overthrew longtime autocrat Hosni Mubarak, with high inflation, foreign currency shortages, and lack of tourism and investment that has hit both business and the broader population's well-being. (AP Photo/Nariman El-Mofty)

    This Monday, Aug. 8, 2016 photo shows a general view of a coffee shop that ran out of business near the Giza Pyramids. Egypt's economy has been struggling since the 2011 uprising that overthrew longtime autocrat Hosni Mubarak, with high inflation, foreign currency shortages, and lack of tourism and investment that has hit both business and the broader population's well-being. (AP Photo/Nariman El-Mofty)  (The Associated Press)

  • FILE -- In this June 1, 2016 file photo, Egyptian President Abdel-Fattah el-Sissi, speaks during a press conference with Hungarian Prime Minister Viktor Orban at the presidential palace in Cairo, Egypt. The International Monetary Fund said it signed an initial agreement with Egypt on Thursday, Aug. 11, 2016 to loan the Middle Eastern country $12 billion over three years to help fix its ailing economy.(AP Photo/Nariman El-Mofty, File)

    FILE -- In this June 1, 2016 file photo, Egyptian President Abdel-Fattah el-Sissi, speaks during a press conference with Hungarian Prime Minister Viktor Orban at the presidential palace in Cairo, Egypt. The International Monetary Fund said it signed an initial agreement with Egypt on Thursday, Aug. 11, 2016 to loan the Middle Eastern country $12 billion over three years to help fix its ailing economy.(AP Photo/Nariman El-Mofty, File)  (The Associated Press)

  • In this Wednesday, Aug. 9, 2016 photo, a woman sits on the corner of a hotel with low occupancy in downtown Cairo, Egypt. The International Monetary Fund said it signed an initial agreement with Egypt on Thursday, Aug. 11, 2016 to loan the Middle Eastern country $12 billion over three years to help fix its ailing economy. Egypt's economy has been struggling since the 2011 uprising that overthrew longtime autocrat Hosni Mubarak, with high inflation, foreign currency shortages, and lack of tourism and investment that has hit both business and the broader population's well-being. (AP Photo/Nariman El-Mofty)

    In this Wednesday, Aug. 9, 2016 photo, a woman sits on the corner of a hotel with low occupancy in downtown Cairo, Egypt. The International Monetary Fund said it signed an initial agreement with Egypt on Thursday, Aug. 11, 2016 to loan the Middle Eastern country $12 billion over three years to help fix its ailing economy. Egypt's economy has been struggling since the 2011 uprising that overthrew longtime autocrat Hosni Mubarak, with high inflation, foreign currency shortages, and lack of tourism and investment that has hit both business and the broader population's well-being. (AP Photo/Nariman El-Mofty)  (The Associated Press)

The International Monetary Fund says it has signed an initial agreement with Egypt to loan the country $12 billion over three years.

In a statement on Thursday, the IMF says the loan, which is subject to approval by the IMF's Executive Board, comes in support of the government's program to reform the economy.

The statement says that Egypt is a strong country with great potential but it has some problems that need to be fixed urgently.

Egypt's economy has been struggling since the 2011 uprising that overthrew longtime autocrat Hosni Mubarak, with high inflation, foreign currency shortages, and lack of tourism and investment that has hit both business and the broader population's well-being.