Egypt to receive $2.02 bln IMF payment this month: FinMin

Egypt expects to receive a fourth payment, worth $2.02 billion, of a $12 billion IMF loan within this month, its Finance Minister Mohamed Mait told Amwal Al Ghad on Saturday.

The International Monetary Fund’s executive board approved on Friday the fourth payment as part of an economic reform programme being carried out by Cairo.

The latest payment would bring the total received by Egypt from the IMF to around $8 billion, it said.

As part of the loan agreement signed in late 2016, Egypt has enacted tough austerity measures including a flotation of its pound currency which halved its value, and sharp fuel and electricity cuts in recent weeks.