Egypt says it received final, $2 billion portion of IMF loan

The IMF said in May that Egypt’s efforts “in achieving macroeconomic stabilisation, a recovery in growth, and an improvement in the business climate” have been successful.
Tuesday 06/08/2019
Egyptian President Abdel Fattah al-Sisi is seen during a meeting with Belarusian President Alexander Lukashenko in Minsk, Belarus June 18, 2019. (Reuters)
Egyptian President Abdel Fattah al-Sisi is seen during a meeting with Belarusian President Alexander Lukashenko in Minsk, Belarus June 18, 2019. (Reuters)

Egypt’s finance minister says his country has received the final, $2 billion portion of a bailout package from the International Monetary Fund.

The minister, Mohammed Moait, said late on Monday that Egypt has completed an ambitious reform program designed to overhaul its ailing economy.

The program included austerity measures to meet requirements set by the IMF to qualify for a $12 bailout, which Egypt secured in 2016.

The IMF said in May that Egypt’s efforts “in achieving macroeconomic stabilisation, a recovery in growth, and an improvement in the business climate” have been successful.

But the austerity measures have also caused widespread price hikes that have taken a heavy toll on poor and middle-class Egyptians.

Last week, Egypt’s official statistics agency reported that one in three Egyptians is living in poverty.

(AP)