IMF: Praise, $2bn For Egypt

The IMF has approved the 5th and penultimate $2bn tranche of a 2016, $12bn loan agreement with Egypt, following the fourth review of the country’s finances ( MEES, 4 November 2016 ). Payment, initially due at the end of 2018, is due to be made in the coming days according to Finance Minister Muhammad Maait.

In an upbeat 5 February commentary to mark the end of the IMF’s latest review, the Fund says Egypt’s “macroeconomic outlook remains favorable, supported by strong policy implementation.” “Robust growth and a narrowing of the current account deficit reflect a rebound in tourism and strong remittances, while unemployment has declined to its lowest level since 2011.” (CONTINUED - 336 WORDS)