IMF to pay first loan payment to Egypt by USD2.5b

09 Oct 2016

(MENAFN) According to senior IMF official, the initial loan payment from IMF to Egypt will be about USD2.5b.

Masood Ahmed, director of the IMF’s Middle East department, confirmed that the USD12b loan program would contain conditions that include reducing Egypt’s budget deficit and making its currency exchange rate system more market-driven.

However, the IMF and Egyptian authorities were making good progress in talks with China, Saudi Arabia and some GCC countries to provide USD5b to USD6b in additional bilateral financing needed for the program’s first year.

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