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FINANCIAL NEWS
IMF confirms USD1bn loan to boost Egypt’s economy
13 Nov 2016
(MENAFN) The Intl’ Monetary Fund approved a three-year, UAD12bn loan for Egypt to help the country recover from its economic crisis amid soaring inflation and deficits.
Accordingly, IMF board would release USD2.75bn to the country, while more disbursements will depend on its economic performance.
However, there were notable risks to applying the program, but those risks were mitigated by key actions already being taken by the government for loan programs.
The loan announcement by the global crisis lender comes after Cairo took tough reform steps in recent weeks to meet IMF needs, including cutting fuel subsides.
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