News across the world

IMF to approve $2bn additional payment to Egypt

The International Monetary Fund says it was to approve the payment of a further $2bn of a $12bn loan to Egypt as the country undertakes tough economic reforms.

The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to $8bn, a statement by the Fund indicated.

“Egypt has begun to reap the benefits of its ambitious and politically difficult economic reform programme,” the IMF statement said, citing accelerating growth and a declining current account deficit as reasons for the decision to make another payment.

“Annual headline inflation has declined from 33 per cent in mid-2016 to around 13 per cent in April,” it said.

Share this:
Share On Facebook
Share On Twitter
Share On Linkedin
Share On Pinterest

1,236 Comments

    Leave a Comment

    Your email address will not be published. Required fields are marked *

    *

    Subscribe to Blog via Email

    Enter your email address to subscribe to this blog and receive notifications of new posts by email.

    Join 93,861 other subscribers.

    Please follow & like us on