The International Monetary Fund agreed to allocate the bailout to Egypt in amount of 3 billion dollars, Reuters reports. Credit payment period is not specified.
The IMF said that they approve the economy stabilizing measures taken by Egyptian transitional authority. Recently the government has approved the budget for 2011-2012 which supposed to have the public expenditures quarter increased in order to help the poor.
In general, Egypt needs 10-12 billion dollars till the middle of 2012 for economic recovery after the uprising and regime change. Due to the disorders the tourists segment of Egyptian economy lost 2.3 billion dollars. By the results of this financial year the budget deficit of Egypt may reach 11%.
