Advertisement
| 19 October, 2017

IMF team in Cairo next week to review third instalment of $12bln loan

Men fish from boats during low tide on the Nile River as South Cairo Electricity Distribution Company power station is seen in the background, in Cairo, Egypt October 1, 2017.

Men fish from boats during low tide on the Nile River as South Cairo Electricity Distribution Company power station is seen in the background, in Cairo, Egypt October 1, 2017.

REUTERS/Amr Abdallah Dalsh

The IMF said last month Egypt should receive a third loan instalment of around $2 billion after a second check of progress at the end of this year.

CAIRO- A delegation from the International Monetary Fund (IMF) will arrive in Cairo next Tuesday to review Egypt's progress on economic reforms before it disperses the third instalment of a $12-billion loan programme, the Finance Ministry said.

The IMF said last month Egypt should receive a third loan instalment of around $2 billion after a second check of progress at the end of this year, but indicators pointed to progress and consolidated economic growth.

Egypt agreed a three-year, $12 billion IMF loan programme last November that is tied to sweeping reforms such as spending cuts and tax hikes.

They are designed to help revive an economy hard hit by a shortage of foreign currency and investment in the turmoil that followed its 2011 uprising.

(Reporting by Amina Ismail; Editing by Gareth Jones) ((amina.ismail@thomsonreuters.com; +20 2 2394 8114;))