The government has reached an initial agreement with International Monetary Fund (IMF). Under this agreement, the IMF would offer Egypt a loan worth $4.8 billion to support the Egyptian national program for economic and social reform.

The agreement is expected to be approved by the IMF board on December 19.

Prime Minister Hisham Qandil said the IMF has expressed its full support of the Egyptian program adding this confirms the soundness of the Egyptian economic approach.

Qandil said the government has already taken practical steps for providing the financial resources needed for increasing spending on the social dimension programs through the appropriations contained in the budget of 2012 topped by the social solidarity pension as the government is seeking to increase the number of beneficiaries by the end of the year 2012/2013 to two million.

He said the government will reactivate training programs to rehabilitate youths in cooperation with the private sector, to increase free medical treatment for the poor and the limited income brackets and the slums development fund appropriations, the limited income housing, soft term loans.