{"id":2297,"date":"2017-11-15T00:54:16","date_gmt":"2017-11-15T00:54:16","guid":{"rendered":"http:\/\/nigerianews.ca\/?p=2297"},"modified":"2017-11-15T00:54:42","modified_gmt":"2017-11-15T00:54:42","slug":"egypt-imf-reach-agreement-on-2b-loan-instalment","status":"publish","type":"post","link":"https:\/\/nigerianews.ca\/egypt-imf-reach-agreement-on-2b-loan-instalment\/","title":{"rendered":"Egypt, IMF reach agreement on $2B loan instalment"},"content":{"rendered":"<div class=\"program--Business programBlockHeader\">\n<p class=\"article__title\"><img loading=\"lazy\" decoding=\"async\" class=\"img-responsive lazyloaded\" style=\"font-size: 16px\" src=\"https:\/\/static.euronews.com\/articles\/403463\/400x225_403463.jpg?1510482269\" alt=\"Egypt, IMF reach agreement on $2B loan instalment\" width=\"628\" height=\"353\" \/><\/p>\n<\/div>\n<section class=\"article-wrapper\">\n<div class=\"\">\n<section class=\"article__body\">\n<div class=\"article__meta\">\n<address class=\"article__author\">with REUTERS<\/address>\n<p>Nov 14, 2017 :\u00a0Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the <span class=\"caps\">IMF<\/span> said in a statement on Friday.<\/p>\n<\/div>\n<div class=\"article-content\">\n<div class=\"article-content__text article-content__left-column\">\n<p>The payment, which is still subject to <span class=\"caps\">IMF<\/span> executive board approval, will bring total disbursements under the program to about $6 billion. Egypt is pushing through an ambitious economic reform package as part of the loan deal.<\/p>\n<p>An International Monetary Fund (<span class=\"caps\">IMF<\/span>) team led by Subir Lall visited Cairo from October 25 to November 9, to hold discussions with the Egyptian authorities on the country ongoing economic programme.<\/p>\n<p class=\"article-content__quote\">Egypt\u2019s economy continues to perform strongly, and reforms that have already been implemented are beginning to pay off .<\/p>\n<p>The staff-level agreement on the second review reaffirms the authorities\u2019 commitment to their reform programme supported by the <span class=\"caps\">IMF<\/span>.<\/p>\n<p>According to the statement, \u201cEgypt\u2019s economy continues to perform strongly, and reforms that have already been implemented are beginning to pay off in terms of macroeconomic stabilisation and the return of confidence.\u201d<\/p>\n<p>The <span class=\"caps\">IMF<\/span> noted growth for the 2016-17 fiscal period had picked up to 4.2 per cent compared to a forecast 3.5 per cent, the current account deficit in dollar terms had narrowed and portfolio investments and foreign direct investment had increased.<\/p>\n<p>Egypt floated its currency a year ago, and the pound has roughly halved in value. As the currency dropped, inflation surged to record highs over 30 per cent, though consumer prices have dipped in the last three months.<\/p>\n<p>The economic outlook is key for Egyptian President Abdel Fattah El Sisi who must balance <span class=\"caps\">IMF<\/span> austerity reforms to fix Egypt\u2019s economy while limiting the fallout on poorer Egyptians as he prepares for a possible re-election bid next year.<\/p>\n<p>AfricaNews<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>with REUTERS Nov 14, 2017 :\u00a0Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said in a statement on Friday. The payment, which is still subject to IMF executive board approval, will bring total disbursements under [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[49],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Egypt, IMF reach agreement on $2B loan instalment<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nigerianews.ca\/egypt-imf-reach-agreement-on-2b-loan-instalment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt, IMF reach agreement on $2B loan instalment\" \/>\n<meta property=\"og:description\" content=\"with REUTERS Nov 14, 2017 :\u00a0Egypt has reached a staff-level agreement with the International Monetary Fund for an instalment of about $2 billion more from a three-year, $12 billion loan programme, the IMF said in a statement on Friday. 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