[size=36]Egypt receives the last tranche of the IMF loan[/size]
Egypt's Finance Minister Mohamed Maat said today that his country received the sixth and final tranche of the International Monetary Fund (IMF) loan worth two billion dollars and was deposited in the central bank, according to local media.
On July 25, the International Monetary Fund approved the disbursement of the last tranche of Egypt's loan, the central bank said in a statement.
In November 2016, Egypt received an IMF loan of $ 12 billion in six phases.
Since the launching of the IMF-backed economic reform program, Egypt has liberalized the pound exchange rate to LE 16.5 after it was worth around eight pounds.
Egypt has cut subsidies on fuel, petroleum, electricity and gas, as well as some services, causing poverty to rise to 32.5 percent for 2017/2018, compared with 27.8 percent in 2015, according to official estimates.
With the latest tranche of the loan being placed at the World Bank, Al-Youm Al-Yawm, an official of the regime, quoted unnamed government sources as saying that Egypt's foreign reserves would rise to more than $ 46 billion from its current level of $ 44.3 billion by the end of June 2019 ".