IMF reaches agreement with Egypt on $2 billion loan installment

Egypt has reached a staff level agreement with the International Monetary Fund for an instalment of around $2 billion in its three-year, $12 billion loan programme, the IMF said in a press release on Friday.
The agreement is pending approval by the IMF executive board, according to the press release.

An IMF delegation visited Egypt from 25 October to 9 November to assess the progress of the loan programme, which was finalised in November 2016.

The IMF loan comes in support of Egypt’s fiscal reform programme, which aims to curb the growing state budget deficit and has included floating the Egyptian pound.

In the Friday release, the IMF praised the commitment of the Egyptian government to the reform programme, referring to the rise in Egypt's GDP to 4.2 percent in fiscal year 2016/17, compared to a projected 3.5 percent.