The International Monetary Fund has agreed to lend Egypt $3 billion in a one-year program designed to help stabilize the country's economy and drive growth.

The IMF outlined the deal Sunday, saying it will help generate jobs, assist low-income households and create a more competitive business environment with a focus on small and medium companies.

Egypt has been trying to find funding to erase an $11 billion budget gap through the middle of next year. Saudi Arabia has already pledged $4 billion in aid, while the World Bank, Qatar and the United States have also offered assistance.

The country's economy has been battered by political uncertainty and a drop in the important tourism sector following the popular uprising that ended former president Hosni Mubarak's 30-year rule.

The IMF agreement would call for Egypt to begin repaying the loan after three years. The deal must still be approved by the IMF's executive board.