IMF Approves Egypt's Final Tranche

The Executive Board of the International Monetary Fund (IMF) approved on Wednesday the disbursement of Egypt's last tranche.

Egypt will receive $ 2 billion after the country has managed to complete the economic reform program successfully.

It's noteworthy that a delegation of the IMF visited Egypt last May to conduct a fifth review of the Extended Fund Facility, which concluded with an expert-level agreement with the Egyptian government.

The IMF’s meeting came days after Egypt applied the final reduction of fuel and electricity subsidies.

In November 2016, the IMF approved a $ 12 billion loan as financial aid to support the economic reform program.

For the past three years, Egypt began a courageous economic reform program that included the devaluation of its currency as well as introducing new taxes including a value-added tax (VAT) and reduced energy subsidies.