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

Devdiscourse News Desk | Updated: 17-05-2019 19:39 IST | Created: 17-05-2019 17:47 IST
IMF reaches an agreement with Egypt to disburse final tranches of $12 billion loan
Image Credit: IANS

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.


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