IMF

IMF: Egypt eligible to withdraw $ 2 billion from loan program

IMF: Egypt eligible to withdraw $ 2 billion from loan program

Egypt markets

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Gaza Post/Gaza

 

The International Monetary Fund (IMF) said on Wednesday its board had completed its fifth and final review of Egypt's $ 12 billion loan program, allowing authorities in Cairo to withdraw another $ 2 billion.

This concludes IFAD's extended facility program three years after its launch in November 2016.

"Egypt has successfully completed the three-year arrangement under the IMF's extended facility and achieved its main objectives," IMF Executive Director David Lipton said in a statement.

He added,  "The macroeconomic situation has improved markedly since 2016, supported by the authorities' responsibility for its reform program and critical policy measures."

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