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[size=36]The International Monetary Fund approves the disbursement of the last tranche of the Egyptian loan[/size]
Economy | 11:18 - 25/07/2019
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said the Central Bank of Egypt, said that the International Monetary Fund approved the last tranche of the loan of two billion dollars worth of Egypt Exchange, and the adoption of the economic program of Egypt is completed with great success.
For its part, the International Monetary Fund said that its board of directors completed the fifth and final review of Egypt's $ 12 billion loan program, allowing Cairo to withdraw another $ 2 billion.
"The macroeconomic situation in Egypt has improved markedly since 2016, supported by the assumption that the authorities are responsible for its critical reform program and policy measures," commented David Lepton, Acting Director of the IMF.
He added that Egypt had achieved the target of an initial budget surplus in fiscal year 2018-2019 at 2% of GDP, and it would be important to maintain an initial surplus at that level to keep the public debt on a downward curve.
The official pointed out that the abolition of most of the fuel subsidies will help in this regard, and promotes the rationalization of energy consumption.
Egypt received in 2016 a loan of 12 billion dollars, according to a program of economic reform on 6 stages submitted by Cairo, which gave up support for oil derivatives and electricity.
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