IMF to discuss fifth disbursal of Egypt’s loan at December-end

The International Monetary Fund (IMF) executive board is set to convene by the end of December to review the disbursal of the fifth installment of $2 billion from Egypt’s $12 billion loan.

IMF spokesman Gerry Rice said that the board meeting will discuss a fourth review of the economic reform programme ahead of disbursing the tranche.

At the conclusion of a staff visit to Cairo in October, IMF Middle East and Central Asia Assistant Director Subir Lall said Egypt’s implementation of an economic reform programme helped the economy to perform well, with 5.3 percent growth in fiscal 2017/2018 and lower unemployment.

For fiscal 2018/2019 and beyond, Lall said Egypt’s goal remains to cut general government debt and achieve a primary surplus of 2 percent of GDP.

He also noted that the Central Bank of Egypt’s fiscal policies has led to the decrease in the annual core inflation from 33 percent in July 2017 to 11.4 percent in May 2018 .

He said the government also remains committed to continuing reforms and raising revenues to invest in well targeted social safety net, health, education and infrastructure.