The International Monetary Fund’s (IMF) Managing Director Christine Lagarde said on Tuesday that she would recommend the fund’s board approve Egypt’s USD12bn three-year loan request. The board will discuss the loan request on 11 November, the IMF said. “Allowing the exchange rate to be determined by market forces will notably improve Egypt’s external competitiveness, address shortages of foreign currency, support exports and tourism and help attract foreign investment,” Lagarde said. “I will recommend that the Board approve Egypt’s request in support of this ambitious economic reform program that will help restore macroeconomic stability and bring Egypt’s economy closer to its full potential.” Deputy Minister of Finance Ahmed Kouchouk told reporters that he expects an initial disbursement of USD2.75bn as early as next Tuesday, should the board grant approval. (Bloomberg, Reuters)