Cairo – Mubasher: Egypt’s government and the Central Bank of Egypt (CBE) implemented the right procedures to curb inflation, and to decrease the budget deficit, managing director of the International Monetary Fund (IMF) Christine Lagarde said.
IMF’s executive board approved the first review of the economy performance under the fund’s facility that allows Egypt to get $ 1.25 billion, Lagarde added.
“I would like to congratulate the people of Egypt and the authorities for their success in pursuing their ambitious economic reform program”, the IMF managing director noted.
Egypt agreed with the IMF to receive $12 billion loan over three years, and the first payment of $2.75 billion was received in November 2016.
Governmental sources said that Egypt will receive on Thursday or Friday the second payment of IMF’s loan, worth $1.25 billion.
