Tuesday 19, June 2018 by Kudakwashe

Egypt to receive $2 billion IMF payment by end July


This will bring the total Cairo has received so far to $8 billion


Egypt has said it will receive the next $2 billion instalment of a $12 billion loan from the International Monetary Fund (IMF) in the second half of July.

Mohamed Maait, Egyptian Finance Minister, said this would be the fourth instalment of the loan agreed in late 2016, reported Reuters.

The IMF loan requires Egypt to enact tough economic austerity measures and the latest fiscal reforms have included sharp cuts to electricity and fuel subsidies.


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