IMF’s Lagarde to recommend approval of Egypt’s next loan tranche

International Monetary Fund Managing Director Christine Lagarde said on Friday that she will recommend that the Fund’s executive board approve a fourth review of Egypt’s $12 billion loan programme, a move expected to unlock a $2 billion disbursement.

Lagarde said in a statement the board will meet in coming weeks to discuss the review. She commended Egyptian authorities for reforms that have put the country’s budget deficit on a declining trajectory, and that have helped to reduce its unemployment rate to 10 percent, the lowest since 2011.

Source: Reuters