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 Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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