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  • 06-08-19

    Last tranche of USD12b IMF loan reaches Egypt

    (MENAFN) The International Monetary Fund (IMF) delivered the final tranche of a USD12 billion loan agreement with Egypt.

    Finance Minister Mohamed Maait announced that "Egypt will focus on promoting structural reform program, maintaining sustainable development and fixing sectors to boost local industries in the coming period."

    Egypt's central bank was granted the final USD2 billion of the loan contract, and is set to boost the cash reserves of foreign exchange to exceed USD46 billion.

    Back in November 2016, Egypt secured the deal with the IMF in order to receive help in a major economic reform program as it looked to achieve local currency devaluation, fuel and energy subsidy reductions and the launch of value-added tax.

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