International Monetary Fund disburses $ 2 billion to Egypt

UNITED STATES, WASHINGTON (VOP TODAY NEWS) — The International Monetary Fund (IMF) announced on Wednesday that the last tranche of about $ 2 billion had been disbursed from the loan granted to Egypt, following a new assessment that Cairo had achieved its “main objectives” under the economic reform program.

The International Foundation has started disbursing as much as $ 11.9 billion since November 2016, according to a statement by the IMF.

“The macroeconomic situation has clearly improved since 2016 thanks to the implementation by the authorities of its reform and decision-making program,” said IFAD’s Acting Director-General David Lipton.

While these “vital” reforms were seen as correcting external and internal imbalances and successfully reviving growth, he said public debt was “on a clear downward path”.

He said the medium term objective was to reduce inflation to one.

“The positive outlook opens on” an appropriate moment to push forward structural reforms to support more inclusive growth based on the private sector and job creation, “he said.

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