IMF approves 2 bln USD loan installment for Egypt

CAIRO, Dec. 20 (Xinhua) -- Egypt will receive 2 billion U.S. dollars tranche of a three-year International Monetary Fund (IMF) loan, IMF announced on Wednesday.

In a statement, the IMF said its executive board approved the installment after reviewing Egypt's economic reform program supported by an arrangement under the Extended Fund Facility (EFF).

In November 2016, Egypt agreed a three-year, 12 billion U.S. dollars IMF loan program that is tied to ambitious economic reforms such as subsidy cuts, tax hikes, enacting the value-added tax, as well as the devaluation of its local currency.

The IMF and the Egyptian authorities reached in November a staff-level agreement on the second review of Egypt's economic reform program which finalizes granting Egypt the two billion U.S. dollars.

The IMF added that the agreement on the second review reaffirmed that authorities' commitment to their reform program.

The completion of the review allows Egyptian authorities to draw about 2.03 U.S. billion dollars, bringing total disbursements to 6.08 U.S. billion dollars. Enditem