68339
Egypt Receives $1.25b From IMF
Egypt Receives $1.25b From IMF

Egypt Receives $1.25b From IMF

Egypt Receives $1.25b From IMF

The International Monetary Fund’s executive board has approved the first review of a $12 billion loan to Egypt and has disbursed $1.25 billion, the final installment of the first $4 billion tranche of the loan, according to an IMF statement.
“The approval by the IMF executive board of the first review of the program shows the IMF’s strong support for Egypt in these efforts. We believe that these efforts will yield results,” the fund’s chief Christine Lagarde was quoted as saying in the statement on Thursday, ahram reported.
The $1.25 billion dispersal was originally expected to arrive toward the end of June, but Finance Minister Amr El-Garhy told Reuters last month that that there were no obstacles to Egypt obtaining the loan, saying that the dispersal was delayed due to bank procedures and the completion of IMF executive board meetings.
In mid-August 2016, Egypt reached a staff-level agreement with the IMF over a three-year $12 billion loan to endorse the country’s fiscal reform program, which the government embarked on in 2014 in an attempt to curb the growing state budget deficit.
In November, Egypt received the first funding installment–an initial dispersal of $2.75 billion–of the first tranche following the floating of the Egyptian pound.
The next review will be in either November or December, El-Garhy said in June, adding that Cairo expects to receive the second $4 billion tranche in two installments during the 2017-18 fiscal year, which begins in July.
“We look forward to continuing our partnership with Egypt to help unleash its economic potential and achieve higher and more inclusive growth that benefits all the Egyptians,” Lagarde said. “I am very pleased that the government has taken and will continue to take measures to protect the poor and vulnerable groups, including through increasing social spending,” she said.

 

Short URL : https://goo.gl/4KkB5j
  1. https://goo.gl/yN1LwH
  • https://goo.gl/v4cCT2
  • https://goo.gl/AzVqg1
  • https://goo.gl/J2burt
  • https://goo.gl/9HF66D

You can also read ...

Thai CB Retains Key Rate
Thailand’s central bank on Wednesday left its key interest...
China and India continue to remain the most promising investment destinations in 2017.
Developing Asia is expected to witness a 15% increase in...
Brazil Raises Deficit Ceiling
Brazil is raising its deficit ceiling for this year and 2018...
Elon Musk, Kevin Plank, Bob Iger, Richard Trumka, Kenneth Carleton Frazier
The honeymoon is definitely over. When US President Donald...
Riksbank is under pressure to tighten its ultra-loose monetary policy.
Underlying inflation topped the Swedish central bank’s target...
Crude oil accounts for 96% of exports and around half of state revenue.
Venezuela might look bad right now amid protests, scarce food...
At 310% GDP, China’s banking sector is above the advanced economy average and nearly three times  the emerging market average.
China's economy is looking good enough that the International...
US Household Debt at $12.8 Trillion
US household debt reached a new record in the second quarter,...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus