IMF to approve payment of further $2 bln to Egypt: statement

CAIRO    –   The International Monetary Fund (IMF) said on Thursday it was to approve the payment of a further $2 billion of a as the country undertakes tough economic reforms, a statement said.

The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to $8 billion.

“Egypt has begun to reap the benefits of its ambitious and politically difficult economic reform program,” the IMF statement said, citing accelerating growth and a declining current account deficit as reasons for the decision to make another payment.

“Annual headline inflation has declined from 33 percent in mid-2016 to around 13 percent in April,” it said.(Reuters)