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IMF reaches staff agreement for $2bn disbursement to Egypt

The funds will be available upon IMF executive board approval of a fourth review of the three-year program, the organisation said in a statement.

FILE: A man walks past the headquarters of the International Monetary Fund (IMF) on 30 June 2015 in Washington, DC. Picture: AFP.

WASHINGTON – The International Monetary Fund has reached a staff-level agreement with Egypt to disburse another $2 billion from the country’s $12 billion extended fund facility, it said on Tuesday.

The funds will be available upon IMF executive board approval of a fourth review of the three-year program, the organisation said in a statement.

At the conclusion of a staff visit to Cairo, IMF Middle East and Central Asia Assistant Director Subir Lall said that Egypt’s implementation of an economic reform program helped the economy to perform well, with 5.3% growth in fiscal 2017/2018 and lower unemployment.

For fiscal 2018/2019 and beyond, Lall said Egypt’s goal remains to cut general government debt and achieve a primary surplus of 2% of GDP.

He said the government also remains committed to continuing energy subsidy reforms and raising revenues to invest in a well-targeted social safety net, health, education and infrastructure.

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