Economy

Central Bank of Egypt receives $2 billion tranche of IMF loan

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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.

TAGS : IMF, Fifth tranche , Egypt

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