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IMF approves second tranche of Egypt loan

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.

14.07.2017

(AFP) The International Monetary Fund has approved a second tranche of a $12 billion (€10.5 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."