IMF approves 2 billion USD loan installment for Egypt

The International Monetary Fund has approved the fourth installment of a 12 billion dollar three-year loan for Egypt, bringing the total released to date, to just over eight billion dollars.  

The IMF board approved the latest two billion dollar disbursement under the aid deal signed in November 2016 to support Cairo's economic reform programme.

Since then, Egypt has imposed harsh austerity measures and started to phase out subsidies on many goods and services, including this month's move, hiking fuel prices as much as 50% and electricity rates by about 25%. 

Consumer prices have soared as the authorities floated Egypt's currency and adopted a value-added tax.

SOURCE: NEWS24
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