The International Monetary Fund (IMF) reached a staff-level agreement with the Egyptian government on October 30, paving the way for the release of the fifth loan tranche of $2 billion, the IMF said in a press release.
A mission from the International Monetary Fund (IMF), led by Mission Chief to Egypt, Subir Lall, conducted the fourth review of Egypt’s economic reform program between October 18 and October 31.
The IMF’s Executive Board will now study the agreement and make a decision about whether to approve the release of the fifth tranche.
“The Egyptian economy has continued to perform well, despite less favorable global conditions, supported by the authorities’ strong implementation of the reform program,” Lall said, praising the country’s strong economic growth and the government’s efforts to reduce public debt levels.
Egypt has so far received $8 billion of the three-year $12 billion loan backed by the IMF’s Extended Fund facility. Executive approval of the latest review will take total disbursements to around $10 billion.
The IMF agreement was signed in November 2016, and the Egyptian government has since embarked on an ambitious program based on fiscal consolidation, foreign direct investment and currency reform.