IMF reaches deal with Egypt unlocking final $2 billion in aid

The International Monetary Fund reached an agreement with Egypt in its final review of the country’s economic reform program, unlocking $2 billion in aid. The staff-level accord is subject to approval by the IMF’s Executive Board, according to a statement by the international lender.

The IMF said Egypt was on track to achieve its three-year fiscal consolidation objective of 5.5 percent of gross domestic product in the primary balance. The country is making progress implementing measures to increase productivity, remove barriers to investment and trade, improve governance and reduce the role of the state in the economy, it said.