IMF says Egypt can draw final $2 billion from $12 billion loan programme

WASHINGTON (Reuters) - The International Monetary Fund said on Wednesday its board completed the fifth and final review of Egypt's $12 billion loan programme, allowing authorities in Cairo to draw another $2 billion in funds.

Reuters July 25, 2019 02:07:26 IST
IMF says Egypt can draw final $2 billion from $12 billion loan programme

IMF says Egypt can draw final 2 billion from 12 billion loan programme

WASHINGTON (Reuters) - The International Monetary Fund said on Wednesday its board completed the fifth and final review of Egypt's $12 billion loan programme, allowing authorities in Cairo to draw another $2 billion in funds.

The disbursement will complete the amount approved under the three-year extended fund facility programme launched in November 2016.

"Egypt has successfully completed the three-year arrangement under the Extended Fund Facility and achieved its main objectives," IMF Acting Managing Director David Lipton said in a statement. "The macroeconomic situation has improved markedly since 2016, supported by the authorities' strong ownership of their reform programme and decisive upfront policy actions."

(Reporting by David Lawder; Editing by Richard Chang)

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