Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said on Friday.
The payment, which is still subject to IMF executive board approval, will bring total disbursements under the program to about $6 billion.
An International Monetary Fund (IMF) team led by Subir Lall visited Cairo from October 25 to November 9, to hold discussions with the Egyptian authorities on the country ongoing economic programme.
The staff-level agreement on the second review reaffirms the authorities’ commitment to their reform programme supported by the IMF.
The IMF noted growth for the 2016-17 fiscal period had picked up to 4.2 per cent compared to a forecast 3.5 per cent, the current account deficit in dollar terms had narrowed and portfolio investments and foreign direct investment had increased.
Egypt is pushing through an ambitious economic reform package as part of the loan deal.
Egypt floated its currency a year ago, and the pound has roughly halved in value. As the currency dropped, inflation surged to record highs over 30 per cent, though consumer prices have dipped in the last three months.
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