Egypt receives 2 bln loan from IMF

CNC
Added On February 10, 2019

 Egypt has received 2 billion U.S. dollars from the International Monetary Fund (IMF).

 
It's the fifth tranche of a 12-billion-dollar loan to support Egypt's economic reform.
 
So far, Egypt has received 10 billion dollars from the IMF to support the country's three-year economic reform plan that started in 2016.
 
Egypt's economy has been suffering over the past years due to political turmoil and relevant security issues.
 
The country's ongoing economic reform plan is based on strict austerity measures, tax hikes and energy subsidy cuts.