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Sunday, 25 August 2019

IMF to hand Egypt final tranche of $12 Bln July 24: Prime minister

Doaa A.Moneim , Wednesday 17 Jul 2019
Egypt's Prime Minister Mostafa Madbouly (Al-Ahram)
Views: 2290
Views: 2290

Prime Minister Mostafa Madbouly unveiled on Wednesday that the International Monetary Fund (IMF) is due to vote on the disbursement of the final tranche of a 2016 $12bln loan to Egypt on 24th July.

The vote follows Egypt’s decision earlier this month to implement the final round of fuel subsidy cuts, which raised domestic prices by between 16 per cent and 30 per cent to bring them in line with their real cost.

Earlier this month, the Cabinet denied rumors about seeking a new loan from the IMF after receiving the final tranche of the $12bln loan, clearing that Egypt’s economy is performing better and has restored its confidence in it.

In 2016 Egypt (IMF) executive board approved to give Egypt $12bln on loan over 3 three years as an extended fund facility with the aim of boosting economic reforms Egypt adopted in November 2016.

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