The International Monetary Fund (IMF) has approved the third installment of a USD 12 bn, three-year loan for Egypt, Invest-Gate reports.

The IMF board approved the latest USD 2 bn disbursement under the deal signed in November 2016, bringing the total released to date to just over USD 6 bn.

In order to obtain IMF approval for the loan, the country has implemented a set of economic reform measures such as cutting energy subsidies and floating its local currency.