Cairo – Mubasher: The International Monetary Fund’s (IMF) executive board has approved paying the first tranche of the loan's fourth tranche that will be handed over to Egypt.
The loan's total value is $12 billion.
After paying this tranche by the IMF, the total amount which Egypt obtained from the fund will hit $8 billion.
Since November 2016, Egypt is implementing economic reform programme in collaboration with the IMF, and this programme includes reducing subsidies on electricity subsidies, petroleum products, and raising tax revenues.
On Saturday, 16 June, Egypt’s government raised fuel prices as Octane 95 will increase to EGP 7.75 per litre from EGP 6.75, while Octane 92 grew to EGP 6.75 per litre from EGP 5, and Octane 80 rose to EGP 5.50 per litre.
