Egypt, IMF reach agreement on $2 bln loan instalment – IMF statement

Egypt, IMF reach agreement on $2 bln loan instalment – IMF statement

by Joseph Anthony
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The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, U.S., April 21, 2017.

Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said in a statement on Friday.

The payment, which is still subject to IMF executive board approval, will bring total disbursements under the program to about $6 billion. Egypt is pushing through an ambitious economic reform package as part of the loan deal.

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