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How will Egypt spend its $12B from the IMF?

The IMF has approved a $12 billion loan, but how will the Egyptian administration spend this amount, amid allegations of the misuse of previous Gulf loans.
Egyptians push to buy subsidized sugar from a government truck after a sugar shortage in retail stores across the country in Cairo, Egypt, October 14, 2016. Picture taken October 14, 2016.   REUTERS/Amr Abdallah Dalsh - RTX2PEL1
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CAIRO — On Nov. 11, the executive board of the International Monetary Fund (IMF) approved a three-year extended arrangement under the Extended Fund Facility to give $12 billion to Egypt to support the economic reform program developed by the Egyptian authorities.

Under the arrangement, $2.75 billion will be disbursed immediately and the remaining amount will be phased over the duration of the program, subject to five IMF reviews.

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