Egypt IMF loan to be repaid in 10 years, targets higher growth

Reuters , Sunday 13 Nov 2016

Amr El-Garhy
Minister of Finance Amr El-Garhy (Photo file: Al-Ahram)

Egypt's $12 billion three-year IMF loan programme will be repaid in 10 years with a 4.5 year grace period and the reforms agreed with the international lender aim to boost growth and curb inflation, the finance ministry said on Sunday.

It said the reforms target GDP growth of 5.5 percent and inflation of less than 10 percent by the 2018-19 fiscal year.

The International Monetary Fund approved on Friday a programme aimed at helping Egypt close its budget gap and rebalance its currency markets.

Egypt's headline inflation was near 14 percent in October and the economy grew 4.3 percent in the 2015-16 fiscal year. 

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