The International Monetary Fund on Wednesday approved the third instalment of a $12 billion, three-year loan for Egypt, bringing the total released to date to just over $6 billion.
The IMF board approved the latest $2 billion disbursement under the deal signed in November 2016, after a fund team last month praised Cairo’s progress on “bold” economic reforms.
In order to obtain IMF approval for the loan, the country has implemented a set of drastic reforms, adopting a value-added tax, cutting energy subsidies and floating its pound.
Since the 2011 revolt toppled former president Hosni Mubarak, the economy of the Arab world’s most populous country has received multiple shocks caused by political instability and security issues.
The IMF said Egypt’s economy is expected to grow 4.2 percent this year, well above initial estimates, while the inflation rate, which exceeded 33 percent in August, is declining and is expected to fall to 13 percent by the end of 2018.
Also Read
-
Egypt, IMF reach agreement on $2 bln loan instalment
Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 ... Economy -
Egypt’s economic reforms showing positive results, IMF says
Egypt’s economic reforms appear to be working, with growth and revenues picking up in some areas, a senior International Monetary Fund official ... Economy -
IMF approves second tranche of Egypt loan
The International Monetary Fund (IMF) has approved a second tranche of a $12 billion loan to Egypt, praising the country’s tough economic ... Economy -
IMF approves $12 bln loan to support Egypt’s economy
The IMF executive board said it would release $2.75 billion to Egypt immediately, while further disbursements will depend on the country’s economic performance Economy
