Ministry confirms transfer of $1.25 billion
Deputy finance minister for financial policies Ahmed Kouchouk
Cairo - Mena
Deputy finance minister for financial policies Ahmed Kouchouk confirmed Thursday that Cairo will receive a second loan installment worth $1.25 billion from the International Monetary Fund very soon.
Kouchouk said the transfer of money is the step that follows vote by the IMF’s board on the disbursal.
Egypt agreed a three-year, $12 billion IMF loan program in November that is tied to ambitious economic reforms such as subsidy cuts and tax hikes.
Source: Mena
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