By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt invests trillions in infrastructure to boost economic future: Al-Sisi
    Egypt invests trillions in infrastructure to boost economic future: Al-Sisi
    September 26, 2023
    State Secretary for Economic Affairs Helene Budliger Artieda
    Opinion| Switzerland, a reliable partner of Egypt in a changing world
    September 26, 2023
    Tatweer Misr breaks sales record in H1 2023
    Tatweer Misr breaks sales record in H1 2023
    September 25, 2023
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    Real estate exports boost Egypt’s economy, Cityscape panel reveals
    September 25, 2023
    SODIC reports 22% sales growth in 2023
    SODIC reports 22% sales growth in 2023
    September 25, 2023
  • Politics
    PoliticsShow More
    Presidential election in Egypt set for 10-12 December
    Presidential election in Egypt set for 10-12 December
    September 25, 2023
    Defence Minister meets NATO Military Committee chief
    Defence Minister meets NATO Military Committee chief
    September 25, 2023
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    Egypt, Jordan, and Iraq discuss economic, political cooperation in New York
    September 24, 2023
    Al-Sisi highlights opportunities for mutual benefit with China
    Al-Sisi highlights opportunities for mutual benefit with China
    September 24, 2023
    Egypt, India affirm their strategic partnership, discuss regional issues
    Egypt, India affirm their strategic partnership, discuss regional issues
    September 24, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: IMF approves 4th $2bn tranche of Egypt’s loan
Share
Notification
Latest News
AIIB’s investment portfolio in Egypt reaches $1.3bn with potential for over $1bn in various sectors: Maait
AIIB’s investment portfolio in Egypt reaches $1.3bn with potential for over $1bn in various sectors: Maait
Egypt
Egypt invests trillions in infrastructure to boost economic future: Al-Sisi
Egypt invests trillions in infrastructure to boost economic future: Al-Sisi
Business
State Secretary for Economic Affairs Helene Budliger Artieda
Opinion| Switzerland, a reliable partner of Egypt in a changing world
Opinion Business
Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
Tatweer Misr breaks sales record in H1 2023
Tatweer Misr breaks sales record in H1 2023
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Economy > IMF approves 4th $2bn tranche of Egypt’s loan
Economy

IMF approves 4th $2bn tranche of Egypt’s loan

Nevine Kamel
Last updated: 2018/06/30 at 3:56 PM
By Nevine Kamel 3 Min Read
Share
SHARE

The Executive Board of the International Monetary Fund (IMF) approved today the disbursement of the fourth tranche of the IMF loan to Egypt worth $2bn, as part of the extended $12bn loan facility over three years.

The IMF’s approval followed the completion of the third review of the IMF’s economic reform programme, during their visit to Egypt in May, where the IMF praised the reforms implemented by the Egyptian government.

This brings the total of Egypt’s loan to $8bn, leaving the two parts of the third tranche to $4bn.

The Minister of Finance Mohammad Moait, said that the fourth tranche of the loan comes in the light of positive economic developments witnessed by Egypt and the success of the Egyptian government in implementing the Egyptian programme of economic and social reforms and its strong results especially in terms of restoring financial stability and improving economic growth rates.

The minister noted that the $8bn have been funnelled to improve the financial situation of the Egyptian economy and bridge the funding gap, which resulted in easing the need for foreign funding and re-generated large foreign exchange resources again.

The  deputy minister of finance for fiscal policies and institutional development, Ahmed Kajok, said that the improvement in financial conditions is confirmed by the performance of the balance of payments, which continued to achieve a financial surplus worth $10.96bn in the first nine months of the fiscal year (FY) 2017/2018, while the trade balance deficit dropped by 57.5%, scoring a deficit of only $5.2bn, according to the Central Bank of Egypt.

He explained that this improvement also appeared in the state budget, which achieved a jump in performance during the FY 2017/2018 to a surplus of 0.1% of the GDP.

Moreover, he added that the Egyptian economy’s move and improved financial performance also clearly showed a breakthrough in tax revenues that would exceed its target and reach 104%.

He also stressed that the IMF’s tribute to the conditions of the Egyptian economy is a certificate of confidence and an important message to the investment community in Egypt and abroad to continue and complete investment plans in the country and the participation of investors in this economic success.

Moeit said that the Ministry of Finance is looking for a strong performance in foreign investments, as the volume of investments of foreigners in securities reached $19bn by the end of May.

He also noted that the ministry has completed a plan for tax reforms through to 2022, as a means to improve revenues and automate the system to achieve financial inclusion.

You Might Also Like

Opinion| IMF sounds alarm about grain crisis

Several banks to increase their loan offerings, provide non-traditional financing: Local Development Minister

AMF offers new loan of $615.8m to support reforms in Egypt’s financial, banking sector

EBRD to extend $100m loan to Egypt’s Banque Misr for MSMEs lending

IMF welcomes Egypt’s $1.9bn state-owned asset sales 

TAGGED: IMF, International Monetary Fund, Loan
Share this Article
Facebook Twitter Email Print
Previous Article Shoukry holds meetings with African counterparts ahead of AU summit
Next Article JICA appoints Yoshifumi Omura as its new chief representative in Egypt
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

AIIB’s investment portfolio in Egypt reaches $1.3bn with potential for over $1bn in various sectors: Maait
AIIB’s investment portfolio in Egypt reaches $1.3bn with potential for over $1bn in various sectors: Maait
Egypt
Egypt invests trillions in infrastructure to boost economic future: Al-Sisi
Egypt invests trillions in infrastructure to boost economic future: Al-Sisi
Business
State Secretary for Economic Affairs Helene Budliger Artieda
Opinion| Switzerland, a reliable partner of Egypt in a changing world
Opinion Business
Presidential election in Egypt set for 10-12 December
Presidential election in Egypt set for 10-12 December
Politics Egypt
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?