IMF board approves Egypt's $12 billion loan agreement, $2.75 billion disbursed

By Ahmed Aboulenein and David Lawder CAIRO/WASHINGTON (Reuters) - Egypt won International Monetary Fund approval on Friday for a three-year, $12 billion bailout program aimed at reviving a struggling economy, bringing down public debt and controlling inflation while seeking to protect the poor. The IMF said its executive board's approval immediately disbursed an initial loan tranche of $2.75 billion to Egypt's central bank. The injection of new funds increased the Central Bank of Egypt's foreign