Cairo, (IANS) : The International Monetary Fund (IMF) executive board approved Egypt’s request for a three-year $12 billion loan on Friday, media reports said.

Meanwhile, Governor of the Central Bank of Egypt (CBE) Tarek Amer said that Egypt has received Friday an initial $2.75 billion from the IMF, Xinhua news agency reported.

Egypt reached an initial deal with the IMF on a $12 billion loan in August, a move seen by many experts as a necessary step to help the country’s ailing economy.

“This will make our foreign currency reserves jump to $23.5 billion,” Amer affirmed.

The foreign currency reserves at the CBE declined since the 2011 uprising that toppled former president Hosni Mubarak from $36 billion to $19.6 billion as of the end of September 2016.

Earlier in November, the CBE announced the devaluation of the Egyptian pound by 48 per cent which would allow the pound to float in the financial market.

The move was meant to limit the hike and shortage of dollar, boost foreign investments and meet a key demand of the IMF to provide Egypt with the loan.

Meanwhile, the Washington-based IMF board said in a statement that further disbursements following the immediately released $2.75 billion will depend on the country’s economic performance and implementation of reforms.

“The reform program will help Egypt restore macro-economic stability and promote inclusive growth,” said the statement.