CAIRO (AP) — The executive board of the International Monetary Fund confirmed a deal with Egypt to increase its bailout loan from $3 billion to $8 billion, in a move that is meant to shore up the Arab country’s economy which is hit by a staggering shortage of foreign currency and soaring inflation. In a statement late Friday, the board said its decision would enable Egypt to immediately receive about $820 million as part ofthe deal which was announced earlier this month. The deal was achieved after Egypt agreed with the IMF on a reform plan that is centered on floating the local currency, redu…