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Business Chief: Egypt expects to receive additional IMF instalment

The Washington-based agreed to offer the nation a three-year long loan programme in 2016, providing a total of US$12bn.
04.01.19 | Interesting article at Business Chief

The President of Egypt, Abdel Fattah el-Sisi, has announced that the nation is anticipating to receive the fifth instalment loan from the International Monetary Fund.

The Washington-based agreed to offer the nation a three-year long loan programme in 2016, providing a total of US$12bn.

The agreement followed Egypt’s reform package – which included the devaluation of the country’s pound, energy subsidies cuts, and the introduction of value-added tax (VAT), Reuters reported.

In order to cut reliance on energy subsidies, the nation approved a structure in 2018 that would enable fuel prices to linked to the international market.