IMF delegation in Cairo to assess Egypt’s economic reforms



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.

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