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Thursday, October 18th, 2018

Egypt to receive $2 billion in fresh tranche of IMF loan

by November 10, 2017 Technology

Cairo The International Monetary Fund (IMF) said Friday it has reached an agreement with Egypt on the disbursement of a $2 billion tranche, part of the $12 billion loan facility negotiated with Cairo last year.

With the latest tranche, the IMF will have disbursed a total of $6 billion under the three-year loan program. The IMF Executive Board still has to sign off on the agreement to transfer this tranche. In this regard, the Egyptian government has embarked on an ambitious economic reform plan under the loan agreement.

It is noteworthy that Egypt agreed to a three-year, $12 billion IMF loan program in November 2016 that is tied to sweeping reforms such as spending cuts and tax hikes. A team from the Fund which just visited the country issued a statement saying that it affirms the authorities’ commitment to their reform program supported by the IMF.

Source: International Islamic News Agency