May 17, 2019 / 12:42 PM / a month ago

IMF staff agrees to disburse final $2 billion tranche of Egypt loan

The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas

CAIRO (Reuters) - The International Monetary Fund said on Friday its team had reached a staff-level agreement with Egypt to disburse the final $2 billion tranche of a $12 billion loan.

The three-year loan program was signed in 2016. As part of the IMF program, Egypt has been carrying out economic reforms including a steep devaluation of the pound, deep cuts to its energy subsidies and the introduction of new taxes.

In a statement, the IMF said that Egypt’s fiscal policies and flexible exchange rate had contributed to economic stabilization and made Egypt more resilient to external shocks.

“Looking ahead, we welcome the authorities’ focus on structural reforms as it needs to be deepened to facilitate inclusive growth and job creation for all,” it added.

The staff-level agreement still needs to be approved by the IMF’s executive board.

Reporting by Lena Masri; Editing by Catherine Evans

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