The International Monetary Fund (IMF) revealed that it had reached a staff level agreement with Egypt to disburse another $2 billion from the country’s $12 billion extended fund facility.
The organisation noted that the funds will be available after an IMF executive board approval, the fourth review of the three-year program.
IMF Middle East and Central Asia Assistant Director, Subir Lall, who concluded a staff visit to Cairo, said Egypt’s implementation of an economic reform program had improved the performance of the economy, with 5.3 percent growth in fiscal 2017/2018 and lower unemployment.
Lall said for fiscal 2018/2019 and beyond, Egypt’s goal is to cut general government debt and achieve a primary surplus of 2 percent of GDP.
The Assistant Director concluded by noting that the Egyptian government remains committed to continuing energy subsidy reforms and raising revenues to invest in health, education, infrastructure and other critical sectors.