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		</div><p>The International Monetary Fund&#8217;s executive board has approved a three-year bailout totalling 12 billion dollars to Egypt to support the country&#8217;s ailing economy.</p>
<p>The IMF said the programme aims to help Egypt &#8220;restore macroeconomic stability and promote inclusive growth.&#8221;</p>
<p>It added that Egypt will receive a first instalment of 2.75 billion dollars immediately.</p>
<p>The approval comes almost a week after the Egyptian government floated its currency and raised fuel prices in order to qualify for the loan.</p>
<p>These reforms earned praise from the IMF and the international business community, but caused price hikes for an already frustrated cash-strapped population, with President Abdel-Fattah el-Sissi now risking a serious political backlash.</p>
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