Egypt to get final installment of 4 bln USD loan from IMF

Source: Xinhua| 2017-07-14 04:07:04|Editor: Mu Xuequan
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CAIRO, July 13 (Xinhua) -- Egypt will receive the final installment of the first tranche of an International Monetary Fund (IMF) loan late on Thursday, state-run MENA news agency reported.

Sources at the Central Bank of Egypt (CBE) told MENA that the 1.25 billion U.S. dollars disbursal, which will complete the first four billion U.S. dollars tranche, was originally expected to arrive by the end of June.

In 2016, the IMF Executive Board voted in favor of a 12-billion-dollar loan to Egypt to encourage its economic reforms.

Egypt received the first installment of 2.75 billion U.S. dollars from the IMF last November.

Egypt's economic reforms include cutting subsidies, raising taxes and floating the currency.

The CBE said the IMF's loan proves the success of its economic reforms.

Over the past few years, Egypt has been suffering an economic recession due to political instability and relevant security issues that led to the decline of tourism, foreign currency reserves and foreign investments.