News release: “Egypt [Fast Facts] has reached agreement with International Monetary Fund (IMF) on a draft 12-month $3 billion financing package to support the country’s program of economic reforms at a crucial period as the country transitions to democracy. “Following a revolution and during a challenging period of political transition, the Egyptian authorities have put in place a home-grown economic program with the overarching objective of promoting social justice,” said Ratna Sahay, Deputy Director of the IMF’s Middle East and Central Asia Department. The proposed one year stand-by arrangement, announced in Cairo on June 5, contains measures aimed at supporting economic recovery, generating jobs, and assisting low-income households, while maintaining economic stability. It will help Egypt lay the foundation for a more-inclusive economic program that encourages private sector-led growth. Egypt is the first recipient of IMF financial assistance in the Middle East and North Africa since the Arab Spring movement began earlier this year. At a Group of Eight summit last month in Deauville, France, the IMF announced that it could make available as much as $35 billion in financial assistance to the region over the next few years.”