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    IMF to approve payment of further $2 bln to Egypt: statement

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    CAIRO (Reuters) – The International Monetary Fund (IMF) said on Thursday it was to approve the payment of a further $2 billion of a $12 billion loan to Egypt as the country undertakes tough economic reforms, a statement said.

    The upcoming payment, after a third review of the fiscal reforms agreed in late 2016 which included a flotation of the pound currency that hit many Egyptians hard, would bring the total amount paid so far to $8 billion.

    “Egypt has begun to reap the benefits of its ambitious and politically difficult economic reform program,” the IMF statement said, citing accelerating growth and a declining current account deficit as reasons for the decision to make another payment.

    “Annual headline inflation has declined from 33 percent in mid-2016 to around 13 percent in April,” it said.

    Reporting by John Davison; Editing by James Dalgleish

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