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1 July, 2018 00:00 00 AM
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IMF approves $2 b loan installment for Egypt

Xinhua

The International Monetary Fund (IMF) on Friday approved a 2 billion-U.S.-dollar loan installment for Egypt under a 12 billion dollar aid deal to support the country’s economic reform, reports Xinhua from Washington.

The latest loan, the fourth installment of the package, brings the total released loan to over 8 billion dollars.

In November 2016, Egypt agreed to a three-year, 12 billion-US-dollar IMF loan program tied to ambitious economic reforms such as subsidy cuts, tax hikes, enacting a value-added tax, as well as the devaluation of its local currency.

In the latest move to phase out subsidies, Egypt increased fuel prices on June 16 by up to 66.6 percent to meet the IMF loan deal. Earlier that week, it raised electricity prices by an average of 26 percent in the 2018-19 fiscal year.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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