IMF Sees ‘Good Progress’ in Egypt

Egypt has made “good progress” to its IMF-backed reform program despite seeking waivers for missing some targets in June and a deeper-than-expected currency depreciation, but inflation remains the main risk for stability, the IMF said on Tuesday, Reuters reported. Egypt agreed a three-year, $12 billion IMF loan program in November last year that is tied to ambitious economic reforms such as spending cuts and tax hikes to help revive an economy where subsidies accounted for a quarter of state spending. The IMF has already approved $4 billion in loan installments, most recently releasing $1.25 billion.