Advertisement

IMF reaches staff-level agreement on second payment to Egypt

May 13, 2017 05:28 AM

CAIRO (AP) — The International Monetary Fund has reached a staff-level agreement on a second payment that would make $1.25 billion available to Egypt and bring its total disbursements to about $4 billion.

Advertisement

In a statement Friday, the IMF has said the agreement is "a vote of confidence" by its staff in support of Egypt's economic reform program.

It is still subject to approval by the organization's executive board.

Egypt's finance minister said this week that the second instalment is expected in the second half of June. A first instalment of $2.75 billion dollars has already been paid out.

Egypt secured the $12-billion three-year loan last November after taking a set of tough economic measures including reducing subsidies, enacting the value-added tax, and the devaluation and subsequent floatation of its local currency. 

Credits

Copyright 2017 The Associated Press. All rights reserved.

Advertisement

Advertisement

Advertisement


Advertisement

Share 4 - News Tips

  Follow KOB 4 Like Us on Facebook Follow Us on Twitter Follow Us on LinkedIn Follow Us on YouTube Follow Us on Instagram Follow Us on Google+ RSS Email Alerts Android App iOS App

Judge declares mistrial in Tai Chan case

Law enforcement agencies launch repeat offenders alert system

New system issues first repeat offenders alert

Deputies: Suspect targets pregnant woman in extortion case

New Mexico House speaker says tax reforms won't get vote