IMF Agrees on $2 Billion Egypt Loan

The International Monetary Fund said on Friday it has agreed to the disbursement of a $2 billion loan after a review of Egypt’s economic reforms, AFP reported. The IMF executive board is yet to approve and sign off on the transfer of the $2 billion installment—part of the three-year $12 billion extended facility negotiated with Cairo last year. In a statement issued by e-mail on Friday, a team from the fund—led by Subir Lall, the IMF’s assistant director in the European Department—which completed a visit to the country on Thursday, said: “The staff-level agreement on the second review reaffirms the authorities’ commitment to their reform program supported by the IMF. “Egypt’s economy continues to perform strongly, and reforms that have already been implemented are beginning to pay off in terms of macroeconomic stabilization and the return of confidence.” The statement added that while the reform process has required short-term “sacrifices”, seizing the opportunity “to transform Egypt into a dynamic, modern, and fast-growing economy will improve the living standards and increase prosperity for all Egyptians”.