January 18, 2017 / 3:33 PM / 7 months ago

IMF Egypt mission chief says fund to visit by end of Feb to assess progress

CAIRO, Jan 18 (Reuters) - The International Monetary Fund's Mission Chief for Egypt Chris Jarvis said on Wednesday that the fund would visit the country by the end of February to assess the progress of a $12 billion three-year loan programme.

Speaking at a news conference announcing the details of reforms Egypt pledged to secure the loan, Jarvis said the fund expects inflation to begin dropping sharply by the second quarter of 2017.

Jarvis added that Egypt's foreign exchange rate was more depreciated than the fund expected given the fundamentals.

Reporting by Eric Knecht; Writing by Ahmed Aboulenein; Editing by Asma Alsharif

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