The Minister of Finance, Amr al-Garhy, stated on Monday that Egypt is set to receive its third dispersal of the IMF loan, worth $2 billion, by the end of December. The IMF’s executive board will meet during the third week of December to approve of the payment to Egypt, raising the total amount of loans provided for Egypt to $6 billion, Garhy said. Egypt’s government has set an ambitious program for economic reform, seeking to achieve higher growth rates. The reform, if successful, will make the climate more attractive to investment and development, Garhy added. Earlier this month, IMF mission chief for Egypt Subir Lall said that Egyptians will start feeling the effects of the country’s economic reform program in 2018.

Source: Egypt Independent December 04, 2017 15:08 UTC