IMF reaches an agreement with Egypt to disburse final tranches of $12 billion loan

The International Monetary Fund said on Friday its team had reached a staff-level agreement with Egypt to disburse the final $2 billion tranches of a $12 billion loan.

The three-year loan programme was signed in 2016. As part of the IMF programme, Egypt has been carrying out economic reforms including a steep devaluation of the pound, deep cuts to its energy subsidies and the introduction of new taxes.