Egypt to benefit from 2 billion dollar aid from IMF

Cairo could benefit from a 2 billion dollar financial aid proposed by the International Monetary Fund, IMF.

The institution is happy that Egypt has continued its good performance and made enormous economic progress, according to a report by an expert mission to the country.

The payment, which is yet to be approved by the governing bodies of the international monetary institution, is part of a 12 billion dollar support program approved in November 2016.

If the disbursement is approved, the total amount paid under this plan will have reached 10 billion dollar to date.

The IMF notes the acceleration in growth to 5.3%, a decline in unemployment to below 10% and a decline in the current account deficit due to remittances from Egyptians living abroad as well as a recovery in the tourism sector.

The experts also highlight the prudent monetary policy of the central bank and the country’s profitable banking network.

@philemonmbale