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Elham AbolFateh
AR
Saturday 29 July 2017

Business

IMF supports Egyptian plans to remove fuel subsidies in 3 years

Thursday 18/May/2017 - 03:42 PM
Sada El Balad
Alaa Awad
The International Monetary Fund is encouraged by Egypt's efforts to remove fuel subsidies within three years and push inflation down to single digits، IMF’s Mission Chief for Egypt Chris Jarvis stated Wednesday.

Egypt last year committed to an ambitious economic reform programme that includes lifting subsidies، raising taxes، and loosening capital controls as part of a three-year $12 billion IMF loan.

Jarvis affirmed on Wednesday that Egypt is expected to receive the second loan instalment of $1.25 billion within the coming few weeks and after the IMF's executive board meets.

Last week the IMF concluded its first review of Egypt's economic reform programme، signing off on a staff level agreement to disburse its next payment and praising the country's efforts so far.

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