The Saladin Citadel is seen surrounded by residential buildings at the center of downtown Cairo, Egypt, November 11, 2016. REUTERS/Mohamed Abd El Ghany
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The International Monetary Fund said Friday that its executive board has approved a three-year bailout totaling $12 billion to Egypt to support the country's ailing economy – a move intended to restore investor confidence and raise the country's foreign reserves.It added that Egypt will receive a first installment of $2.75 billion immediately.Days earlier, Christine Lagarde, the IMF chief, described Egypt's reform program as "ambitious" and said it would put the country on a "sustainable path".Egypt had $36 billion in reserves before the 2011 uprising.decades, Egyptian leaders have balked from sealing IMF loans for fear of the social unrest.
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