Egypt will start the repayment of the International Monetary Fund (IMF) loan in May 2021.
According to Egypt Independent and Al Masry Al Youm government sources announced the decision on Saturday, clarifying that it would begin with a US $2.75 billion tranche.
This would be followed by equal installements that would end by 2026.
Mohamed Maeet, the Minister of Finance, stated that the IMF loan would conclude next year with no plans of extension or further loans.
Maeet also explained that the economic reforms, aided by the IMF loan, put in place by the governmemt have improved the economy. He also said that the loans needed to be paid without delay.
The Minister added that these reforms aid the government in providing social protection, infrastructure and public services.
So far, Egypt has received $US 8 billion out of the 12 billion. It received its first instalment in 2016.
In return, the government has been slowly removing its subsidies from gas, water, electricity among other services.
The country is to receive its next tranche following review and approval of the Executive Board in Washington.