IMF says Egypt can draw final $2 billion from $12 billion loan program

The International Monetary Fund said on Wednesday its board completed the fifth ...

FILE PHOTO: International Monetary Fund Deputy Managing Director David Lipton attends a conference entitled"Bretton Woods: 75 years later" in Paris, France, July 16, 2019. REUTERS/Philippe Wojazer

The disbursement will complete the amount approved under the three-year extended fund facility program launched in November 2016. He said Egypt had met a 2018/19 primary budget surplus target of 2% of GDP, and it would be important to maintain primary surpluses at that level to keep public debt on a downward trajectory. Elimination of most fuel subsidies will help in this regard while promoting energy efficiency, he added.

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