IMF team in Cairo to review second installment of $12-billion loan

April 30, 2017 11:45
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Breaking news. (photo credit: JPOST STAFF)

CAIRO - An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt's progress on economic reforms before it disburses the second installment of a $12-billion loan program, the Finance Ministry said.

The IMF delegation will stay until May 11 and meet with officials from the ministry and the central bank, the ministry said in a statement.

Egypt agreed the three-year program with the IMF in November, after floating its Egyptian pound currency in a dramatic move aimed at unlocking foreign inflows and boosting exports after a long-running dollar shortage threatened to paralyses the economy.

It promised a raft of tough reforms, including narrowing its budget deficit, in return for the $12-billion loan package from the IMF and a host of other bilateral backers with payments spread over three years and linked to progress on reforms.

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