Egypt expects second installment of IMF loan in June

2017-05-08 13:01


Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Cairo - Egypt expects to receive a second installment, worth $1.2bn, of a three-year International Monetary Fund loan in the second half of June.

Finance Minister Amr el-Garhy announced at a press conference Sunday that negotiations with the IMF delegation, which is visiting Egypt, are going "very well".

The delegation arrived in Cairo late April and is set to stay until May 11 to review Egypt's progress in its economic reform program.

Egypt secured the $12bn, three-year bailout loan in November to support the program. A tough set of economic measures were required to qualify for it, including reducing subsidies, enacting the value-added tax, as well as the devaluation and subsequent floatation of its local currency.

A first installment of $2.75bn has been paid out already.

Read more on:    egypt  |  north africa

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.