Earlier today, the International Monetary Fund (IMF) revealed that an agreement has been made to review the last installment of USD 12 billion loan given to Egypt to help with the country’s economic reform program. The last installment worth USD 2 billion is currently awaiting the approval of the IMF’s board. The statement said that “completion of this review would make available SDR 1,432.76 million (about US$2 billion), bringing total disbursements under the programme to about US$12 billion.” An IMF delegation visited Egypt on 5 to 16 May to conduct the review. Beginning 5 May until 16 May, an IMF delegation will visit Egypt to assess the economic situation. Nonetheless, Egypt has been able to achieve the goals set by the reform program which include macroeconomic stabilization, growth and an improvement in the business climate post the implementation of the reform programme. “GDP growth accelerated from 4.2 percent in 2016/17 to 5.3 percent in 2017/18; unemployment declined from 12 percent to below 9 percent; and the current account deficit narrowed from 5.6 percent of GDP to 2.4 percent,” the statement added. It is expected that Egypt’s government debt will drop…
Egypt to Receive Final Installment Worth $2 Billion from IMF Upon Board’s Approval
May 17, 2019
