IMF mission in Egypt in October for 4th review of economic program

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Thu, 04 Oct 2018 - 11:44 GMT

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Thu, 04 Oct 2018 - 11:44 GMT

International Monetary Fund (IMF) - REUTERS

International Monetary Fund (IMF) - REUTERS

WASHINGTON - 4 October 2018: A mission of the International Monetary Fund (IMF) will visit Egypt in October to make the fourth review of the country's economic reform program.

A report by the fund said the economic reform program carried out by the Egyptian government played a main role in achieving economic stability in the country, reducing inflation and unemployment rates, ending hard currency shortage and increasing social protection programs and investments.

Annual meetings of the World Bank and the IMF will take place in the Indonesian city of Bali on October 8-14.

The IMF mission was last in Egypt in May to conduct the third review. Following the review, Egypt received a 2-billion-dollar tranche of an IMF 12-billion-dollar loan.

This tranche brings the total amount of IMF disbursements since the beginning of the Egyptian program to around 8 billion dollars.

In 2016, Egypt signed with the IMF an agreement to receive a loan of 12 billion dollars over three years to boost its economy that was hard hit after the January 11 revolution.

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