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    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

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    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

    WAPCo commits to cleaner and reliable energy

    Government eyeing GH¢750m with new E-VAT policy

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    IIPGH to enter coding education partnership with Telecoms Chamber

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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Egypt:IMF team in Cairo to review second instalment of $12-billion loan

bycitibusinessnews
May 2, 2017
in Africa, North Africa, Top Stories
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An International Monetary Fund (IMF) delegation will arrive in Cairo on Sunday to review Egypt’s progress on economic reforms before it disburses the second instalment of a $12-billion loan programme, the Finance Ministry said.

The IMF delegation will stay until May 11 and meet with officials from the ministry and the central bank, the ministry said in a statement.

Egypt agreed the three-year programme with the IMF in November, after floating its Egyptian pound currency in a dramatic move aimed at unlocking foreign inflows and boosting exports after a long-running dollar shortage threatened to paralyse the economy.

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It promised a raft of tough reforms, including narrowing its budget deficit, in return for the $12-billion loan package from the IMF and a host of other bilateral backers with payments spread over three years and linked to progress on reforms.

The IMF released a first instalment of $2.75 billion in November, shortly after the deal was agreed.

Egypt has said it expects to receive the second instalment, worth $1.25 billion, in May or June, once the IMF review has been completed.

IMF Managing Director Christine Lagarde told Reuters in February Egypt was making good progress on reforms.

As part of reform efforts, Egypt has introduced a Value Added Tax (VAT) and secured $4 billion in eurobonds from international markets in an oversubscribed issuance.

It is also part way through a programme to reform power and fuel subsidies and is preparing to privatise several state owned banks and energy companies.

–

Credit: CNBC Africa

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