IMF approves 3-year, $12 bln loan for Egypt

IMF12/11/2016 (Ahram Online – Egypt): The International Monetary Fund (IMF) approved on Friday a three-year, $12 billion loan for Egypt to help the country recover from its deep economic crisis, the fund said in a statement. The IMF board said it will release $2.75 billion to Egypt immediately, while further disbursements will depend on the country’s economic performance and implementation of reforms. In mid-August Egypt reached a staff-level agreement with the IMF over the loan after endorsing the Arab nation’s fiscal reform programme, which the government embarked on in 2014 in an attempt to curb the growing state budget deficit, estimated at 12.2 percent of GDP in 2015/16. The programme includes cutting subsidies and the introduction of new taxes, such as the newly ratified value-added tax. The reform program “will help Egypt restore macroeconomic stability and promote inclusive growth,” the board said in a statement…

http://english.ahram.org.eg/NewsContent/3/12/248806/Business/Economy/IMF-approves-year,–bln-loan-for-Egypt.aspx

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