imf approves second tranche of egypt loan
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today
Almaghrib Today, almaghrib today
Last Updated : GMT 09:03:51
Almaghrib Today, almaghrib today

IMF approves second tranche of Egypt loan

Almaghrib Today, almaghrib today

Almaghrib Today, almaghrib today IMF approves second tranche of Egypt loan

An attendant counts cash at a petrol station in Cairo
Cairo - Al Maghrib Today

The International Monetary Fund has approved a second tranche of a $12 billion loan to Egypt, praising the country's tough economic reforms that have fuelled inflation.

In a statement on Thursday, IMF managing director Christine Lagarde said the approval of the roughly $1.25 billion tranche showed "the IMF's strong support for Egypt in these efforts."

The IMF and Egypt had agreed the loan last November, as the North African country devalued the pound and after it introduced a value-added tax in a bid to boost government finances and its foreign reserves.

Egypt has also slashed fuel subsidies, most recently last month.

"We believe that these efforts will yield results," Lagarde said in the statement.

But concerns remained about inflation, which hit 32.9 percent in April before declining slightly in May.

"The authorities' immediate priority is to reduce inflation, which poses a risk to macroeconomic stability and hurts the poor. The Central Bank of Egypt has taken significant steps to reduce inflation by raising policy interest rates and absorbing excess liquidity," said David Lipton, the IMF's acting chair, in a statement.

The government in June announced an increase in fuel prices of up to 55 percent, the second since November when it also floated the currency.

Analysts believe the fuel price rises will further increase inflation.

The pound has also continued to trade at a rate that is lower than was expected before the flotation.

The pound trades at about 18 to the dollar, compared with 8.9 before November.

 

almaghribtoday
almaghribtoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf approves second tranche of egypt loan imf approves second tranche of egypt loan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

imf approves second tranche of egypt loan imf approves second tranche of egypt loan

 



Almaghrib Today, almaghrib today Skincare PR Performance Full Year 2017

GMT 09:22 2018 Monday ,22 January

Skincare PR Performance Full Year 2017
Almaghrib Today, almaghrib today New hunt for flight MH370 gets under way

GMT 11:03 2018 Wednesday ,24 January

New hunt for flight MH370 gets under way
Almaghrib Today, almaghrib today Modern colorful bedroom renovation

GMT 10:57 2017 Thursday ,21 December

Modern colorful bedroom renovation
Almaghrib Today, almaghrib today Puigdemont candidate for Catalan president

GMT 13:56 2018 Tuesday ,23 January

Puigdemont candidate for Catalan president
Almaghrib Today, almaghrib today Turkey detains dozens more

GMT 10:47 2018 Wednesday ,24 January

Turkey detains dozens more
Almaghrib Today, almaghrib today The Rake announces editorial updates

GMT 10:46 2018 Tuesday ,16 January

The Rake announces editorial updates
Almaghrib Today, almaghrib today Europe brings on charm and blue skies

GMT 11:51 2018 Tuesday ,23 January

Europe brings on charm and blue skies
Almaghrib Today, almaghrib today For the Variety of Interior Design Styles

GMT 10:46 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Almaghrib Today, almaghrib today US Christian tourists see deep meaning

GMT 13:44 2018 Monday ,22 January

US Christian tourists see deep meaning
Almaghrib Today, almaghrib today Amazon to open first cashierless shop

GMT 10:03 2018 Tuesday ,23 January

Amazon to open first cashierless shop

GMT 10:38 2017 Saturday ,23 December

German consumers to start new year in high spirits

GMT 13:56 2017 Thursday ,21 December

Thick smog keeps schools closed

GMT 18:35 2017 Tuesday ,14 November

French skier Poisson dies in training crash

GMT 09:55 2017 Friday ,27 October

Russia conducts ballistic missile tests

GMT 15:53 2011 Thursday ,10 November

Ferrari: green is the new red

GMT 21:22 2017 Saturday ,25 March

Consumer Protection Agency bans Uber ad campaign

GMT 01:44 2012 Sunday ,01 January

Abdou Benziane passes away

GMT 10:10 2017 Friday ,13 October

US Air Force woman trailblazer to guide

GMT 12:22 2013 Monday ,03 June

Moroccan spicy soup

GMT 07:27 2017 Saturday ,04 March

Nesreen Amin is dancer in “Faisal Apartment”

GMT 06:18 2017 Sunday ,12 February

Twitter struggles to turn headlines into cash

GMT 09:27 2017 Wednesday ,25 January

Berlin now 'home sweet home' for Syrian pastry chefs

GMT 19:37 2012 Thursday ,15 March

The sleeping beauty

GMT 11:00 2016 Sunday ,21 February

Flowerpot chocolate chip muffins

GMT 08:02 2011 Saturday ,04 June

\'I never liked my eldest daughter\'

GMT 11:14 2017 Thursday ,07 September

Hurricane Harvey caused 'broad disruptions

GMT 12:00 2011 Friday ,23 December

ePillow for the iPad

GMT 19:13 2016 Monday ,07 March

Chinese drama 'Wu Zetian' staged in New York
Almaghrib Today, almaghrib today
 
 Almaghrib Today Facebook,almaghrib today facebook  Almaghrib Today Twitter,almaghrib today twitter Almaghrib Today Rss,almaghrib today rss  Almaghrib Today Youtube,almaghrib today youtube  Almaghrib Today Youtube,almaghrib today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

.almaghribtoday .almaghribtoday .almaghribtoday .almaghribtoday
almaghribtoday almaghribtoday almaghribtoday
almaghribtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
almaghribtoday, Almaghribtoday, Almaghribtoday