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

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.

Reuters