Egypt Will Begin Repaying IMF Loan in 2021Egypt will start the repayment of the International Monetary Fund (IMF) loan in May 2021. Mohamed Maeet, the Minister of Finance, stated that the IMF loan would conclude next year with no plans of extension or further loans. Maeet also explained that the economic reforms, aided by the IMF loan, put in place by the governmemt have improved the economy. In exchange for issuing the $12bn loan program, Egypt devalued its currency in November last year and cut down on state subsidies. Following the flotation, the lender agreed to loan Egypt $US 12 billion in an attempt to restore its economy.

Source: Egypt Independent August 26, 2018 17:37 UTC