Egypt says to receive $2 bln IMF payment by end of July

The paper quoted Finance Minister Mohamed Maait as saying this would be the fourth instalment of the loan. (Reuters)

Egypt says it will receive the next $2 billion instalment of a $12 billion loan from the International Monetary Fund (IMF) in the second half of July, newspaper Al-Masry Al-Youm reported on Tuesday.

The paper quoted Finance Minister Mohamed Maait as saying this would be the fourth instalment of the loan, agreed in late 2016, and would bring the total Cairo has received so far to $8 billion.

The IMF loan requires Egypt to enact tough economic austerity measures. The latest fiscal reforms have included sharp cuts to electricity and fuel subsidies.

The finance ministry previously said the latest payment was expected in June or July.

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Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51
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