The International Monetary Fund (IMF) agreed on Monday to disburse the fifth tranche of the $12 billion three-year loan programme.
Wednesday 06, February 2019 BY KUDAKWASHE MUZORIWA
The Central Bank of Egypt (CBE) has received the $2 billion fifth tranche of its IMF loan on, according to local newswire, MENA.
The IMF offered the loan in 2016 after Egypt agreed to a package of reforms including the devaluation of the pound, cuts to energy subsidies and the introduction of a value-added tax.
Egypt said that the money will be used to support state budget and reflect positively on the country’s foreign currency reserves.