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