IMF to approve payment of further $2 bln to Egypt: statement

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CAIRO (Reuters) – The International Monetary Fund (IMF) said on Thursday it was to approve the payment of a further $2 billion of a $12 billion loan to Egypt as the country undertakes tough economic reforms, a statement said.

The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to $8 billion.

“Egypt has begun to reap the benefits of its ambitious and politically difficult economic reform program,” the IMF statement said, citing accelerating growth and a declining current account deficit as reasons for the decision to make another payment.

“Annual headline inflation has declined from 33 percent in mid-2016 to around 13 percent in April,” it said.

Reporting by John Davison; Editing by James Dalgleish

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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