Egypt “has begun to reap the benefits of its ambitious and politically difficult economic reform program” implemented since November 2016 as part of an IMF $12bn loan agreement, the Fund says.

The IMF’s third review of the $12bn ‘Extended Fund Facility’ (EFF), completed 17 May, was the most glowing yet: the fund had no caveats in approving of a further $2bn tranche of its loan agreement. Payment, set to be received in the coming weeks, will bring total receipts to $8bn. (CONTINUED - 1467 WORDS)