The United States is supporting the International Monetary Fund’s approval of $1.25 billion tranche to support Egypt’s economic reforms, the U.S. embassy in Cairo said Thursday.
Egypt’s economy is growing, the U.S. embassy added on Twitter, saying the U.S. companies are investing and helping create jobs in the country.
The U.S. provides 17 percent of IMF’s resources, the embassy further stated.
In mid-August 2016, Egypt reached a staff-level three-year agreement with the IMF over the $12 billion loan to support the country’s fiscal reform programme, tied to ambitious economic reforms such as subsidy cuts and tax hikes.
In November, Egypt received the first funding installment – an initial disbursal of $2.75 billion – following the floating of the Egyptian pound.
The North African country expects to receive a second instalment worth $1.25 billion from the IMF within the next week, the country’s Minister of Finance Amr el-Garhy told private television channel CBC earlier this week.