IMF delegation in Cairo next week to review third loan instalment

A delegation from the International Monetary Fund (IMF) will arrive in Cairo next Tuesday for a review required before disbursing the third instalment of a $12-billion loan programme, the finance ministry said in a statement.

The IMF said earlier in September that Egypt was on track to receive a third loan instalment of around $2 billion after a second check of progress at the end of this year, but indicators pointed to progress and consolidated economic growth.

Egypt agreed a three-year, $12 billion IMF loan programme in November 2016, tied to sweeping reforms such as spending cuts and tax hikes. The IMF originally approved the loan, intended to jumpstart an economy battered by years of turmoil that have driven away investors and tourists.

The reforms include a raft of measures including loosening capital controls, ending energy subsidies, reforming public enterprises and overhauling monetary policy in a bid to restore economic stability and long-term growth.