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Egypt to receive third IMF loan installment next December: Finance Minister

Tuesday 19/September/2017 - 12:52 PM
Sada El Balad
Sada ElBalad- Basant Ahmed
Egypt expects to receive the third loan installment of the International Monetary Fund (IMF) in next December، Finance Minister Amr al-Garhi told Reuters on Tuesday.

The third loan installment worth two billion dollars.

In 2016، Egypt agreed to a three-year، $12 billion IMF loan program. The International Monetary Fund has approved a three-year $12 billion (11.5 billion euros) loan package for Egypt to revive its economy.

The program will help "restore macroeconomic stability and promote inclusive growth،" the IMF board said in a statement.

“Policies supported by the program aim to correct external imbalances and restore competitiveness، place the budget deficit and public debt on a declining path، boost growth and create jobs while protecting vulnerable groups.”

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