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Tuesday 20th March 2018

$2 Billion International Monetary Fund Loan to Egypt


7Dnews London

Wed, 06 Feb 2019 22:13 GMT

The International Monetary Fund (IMF) said on Tuesday February 5th that it had approved a two billion dollar loan payment to Egypt, the latest in the country’s three-year aid programme.

This is part of the programme approved by Egypt in 2016 to receive $12 billion over three years, to coincide with an austerity programme including cuts in subsidies.

The IMF praised Egypt's strong growth, acknowledged the progress in its economic stability, instilling market confidence and cutting debt.

The previous part of the loan was approved in July 2018, while the fourth review of Egypt's ambitious economic reform programme has been awaiting board approval since October.

Egypt’s economy is still recovering from a 2011 popular uprising and years of political instability.

Middle East