Complex Made Simple

Egypt agrees $3bn financing deal with IMF

The International Monetary Fund (IMF) has agreed a $3bn financing deal with Egypt and has praised the policies of an interim government struggling to stabilise the economy after the popular uprising, Reuters has reported. The government last week approved a budget for the 2011-12 financial year that increases spending by a quarter, partly to help the poor. "The authorities' economic programme is a first step to laying the foundation for a more inclusive private sector-led economic growth," the IMF said.