Egyptian Prime Minister Mostafa Madbouly announced on Sunday that 2019 is expected to be the final phase of the economic reform program sponsored by the International Monetary Fund (IMF), after two years of implementing its reforms. In an attempt to revive its faltering economy since 2011, Egypt obtained an IMF loan in 2016 in exchange for implementing a rigorous reform program, beginning with floating the pound. Egypt began implementing the IMF reform program in November 2016. The international lender made a deal to provide Egypt with a $12 billion loan in exchange for wide-ranging structural economic reforms. The first step the IMF commended was the flotation of the pound, a measure quickly taken in November 2016.

Source: Egypt Independent January 13, 2019 10:07 UTC