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Sunday, 19 May 2019

Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility

Egypt, IMF reach staff-level agreement to unlock final tranche of USD 12 bn facility: Egypt has reached a staff-level agreement with the IMF over the disbursement of the sixth and final USD 2 bn tranche of its USD 12 bn extended fund facility, according to a statement issued by the fund. The agreement, reached after the IMF team’s fifth review of Egypt’s economic reform program over the past two weeks, will now go to the fund’s executive board for approval.

Egypt is on course to hit its target of 5.5% GDP growth and its primary surplus goal of 2% of GDP. “The authorities’ efforts have been successful in achieving macroeconomic stabilization, a recovery in growth, and an improvement in the business climate,” Egypt mission chief Subir Lall said. The government has indicated that it will continue to push ahead with further reform after it concludes in November. “Staff welcomes the authorities’ strong commitment to maintain the reform momentum beyond the program… we look forward to our continued close cooperation and policy dialogue,” Lall said.

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