Egypt
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
Go to video
Binance executive detained in Nigeria amid a crypto crackdown has escaped custody
Go to video
IMF mission visits Ethiopia as Abiy pushes for loan deal
01:02
The EU announces $8 billion aid package for cash-strapped Egypt
01:23
AfDB chief says African countries “should put end” to natural resource-backed loans
01:02
Pics of the day: March 11, 2024
01:21
Libyan leaders agree to form unified govt that will supervise elections