Mon. Jun 17th, 2024

Egypt hopes to receive 5th tranche of IMF loan in Jan. 2019

Egypt hopes to receive 5th tranche of IMF loan in Jan. 2019

EGYPT

By Abdul Sadiq

Egypt hopes to receive the fifth tranche of its $ 12 billion IMF loan program in January, President Abdel Fattah el-Sisi said Sunday.

In a statement, the presidency said the Fund commended the nation for adhering to the implementation of targeted reform measures.

The International Monetary Fund offered the 3-year long program in 2016 after Egypt agreed to a reform package including devaluing the Egyptian pound, cuts to energy subsidies and introduction of a value-added tax.

The IMF postponed a review of Egypt’s economic reform program, prompting rumors that the fifth tranche of loan worth $2 billion might be delayed.

Economists have praised Egypt’s economic reforms over the past two years, though austerity measures have caused immediate pain for Egypt’s 98 million population.

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