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FINANCIAL NEWS
IMF approves USD1.25bln for Egypt’s economic reform program
16 Jul 2017
(MENAFN) The Executive Board of the International Monetary Fund (IMF) approved the first reviews of economic reform for Egypt’s program supported by arrangement under the Extended Fund Facility (EFF).
The completion of the review will allow authorities to draw equivalent of SDR895.48mln (USD1.25bln), which brings the total payments to USD4bln.
However, the three-year arrangmnet of EFF will be equivalent in the amount to SDR8.597bln that was approved by the Executive Board to support the economic reform program.
IMF managing director, Christine Lagarde said: “I would like to congratulate the people of Egypt and the authorities for their success in pursuing their ambitious economic reform programme. The approval by the IMF Executive Board of the First Review of the programme shows the IMF”s strong support for Egypt in these efforts.”
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MENAFN1607201700450000ID1095628708
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