PHOTO: FILE
WASHINGTON: The International Monetary Fund (IMF) board on Monday approved a $2 billion loan payment to Egypt, the latest in the country’s three-year aid programme. The latest instalment brings the total paid to Cairo to about $10 billion since the loan deal was signed in November 2016. The previous loan tranche was approved in July of last year but this fourth review of Egypt’s programme had been awaiting board approval since October, when IMF staff and government officials had finalised it. IMF Chief Christine Lagarde announced January 25 that the final details had been worked out, clearing the way for the payment. Since the 2011 revolt that toppled former president Hosni Mubarak, the economy of the Arab world’s most populous country has received multiple shocks caused by political instability and security issues.
Published in The Express Tribune, February 6th, 2019.
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