IMF to grant Egypt $2 bln loan

Added On May 21, 2019

 The International Monetary Fund (IMF) has reached a staff-level agreement with Egypt on the review of its economic reform, which will eventually provide Egypt with a new 2-billion-U.S.-dollar loan.

The staff-level agreement is subject to the approval of the IMF's Executive Board.
The IMF sent a team to Egypt earlier this month to review Egypt's economy. A report released afterwards highlighted GDP growth acceleration and a huge decline in the rate of unemployment.
The report also noted that the monetary policy of Egypt's central bank also helped bring down the inflation rate from 33 percent in 2017 to 13 percent in April 2019.
Over the past three years, Egypt has carried out an ambitious economic reform, which is aimed at correcting development imbalances, stimulating economic growth and job markets.