IMF Approves $8 Billion Loan to Help Shore Up Egypt's Economy
- IMF approved $8 billion loan to Egypt, increased from $3 billion
- Deal signed after Egyptian pound hit record low of 49 per dollar, down from 30.85
- More flexible exchange rate was a key IMF demand
- Loan aims to support Egypt's economic reform program
- IMF says loan will restore confidence, spur growth, reduce public debt
