IMF reaches staff agreement for $2b disbursement to Egypt

Published: November 01, 2018 13:51:39 | Updated: November 21, 2018 20:40:28

The International Monetary Fund has reached a staff-level agreement with Egypt to disburse another $2 billion from the country’s $12 billion extended fund facility, it said on Tuesday.

The funds will be available upon IMF executive board approval of a fourth review of the three-year programme, the organisation said in a statement.

At the conclusion of a staff visit to Cairo, IMF Middle East and Central Asia Assistant Director Subir Lall said that Egypt’s implementation of an economic reform programme helped the economy to perform well, with 5.3 per cent growth in fiscal 2017/2018 and lower unemployment, reports Reuters.

For fiscal 2018/2019 and beyond, Lall said Egypt’s goal remains to cut general government debt and achieve a primary surplus of 2.0 per cent of GDP.

He said the government also remains committed to continuing energy subsidy reforms and raising revenues to invest in well targeted social safety net, health, education and infrastructure.

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