IMF to convene at end of Dec. to discuss disbursement of 5th tranche of loan

WASHINGTON, Nov 28 (MENA) - The International Monetary Fund (IMF) executive board will convene by the end of December to review the disbursement of another dlrs 2 billion from the country’s dlrs 12 billion loan.

In statements to MENA on Wednesday, IMF spokesman Gerry Rice said the board meeting will discuss a fourth review of the economic reform agenda ahead of disbursing the tranche.

Egypt received the fourth dlrs 2 bn loan tranche in July 2018.

At the conclusion of a staff visit to Cairo in October, IMF Middle East and Central Asia Assistant Director Subir Lall said Egypt’s implementation of an economic reform program helped the economy to perform well, with 5.3 percent growth in fiscal 2017/2018 and lower unemployment.

For fiscal 2018/2019 and beyond, Lall said Egypt’s goal remains to cut general government debt and achieve a primary surplus of 2 percent of GDP.

He said the government also remains committed to continuing reforms and raising revenues to invest in well targeted social safety net, health, education and infrastructure.