IMF delegation in Cairo to assess Egypt’s economic reforms

0
1460

Egypt

An International Monetary Fund (IMF) delegation is in Cairo to review Egypt’s progress on economic reforms before it disburses the second installment of a $12-billion loan programme.

The delegation will meet with officials from the ministry of finance and the central bank.

Egypt signed the three-year programme with the IMF in November, after floating its Egyptian pound currency in a dramatic move aimed at unlocking foreign inflows and boosting exports.

It promised a raft of tough reforms, including narrowing its budget deficit, in return for the $12-billion loan package from the IMF and a host of other bilateral backers with payments spread over three years and linked to progress on reforms.

The IMF released a first installment of $2.75 billion in November.

Egypt has said it expects to receive the second instalment, worth $1.25 billion, in May or June, once the IMF review has been completed.

The IMF delegation will stay until 11 May.

Leave a Reply