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Egypt Receives Final $2b Portion of IMF Loan

Egypt Receives Final $2b Portion of IMF Loan

Tuesday, 6 August, 2019 - 10:15
In this Tuesday, Feb. 14, 2017, file, photo, a vendor counts his money at a bread stand in the Sayeda Zeinab neighborhood of Cairo, Egypt. AP
Asharq Al-Awsat

Egypt's finance minister said his country had received the final,$2 billion portion of a bailout package from the International Monetary Fund (IMF).

Minister Mohammed Moait stated late on Monday that Cairo has completed an ambitious reform program designed to boost 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 Associated Press reported.

In May, IMG said Egypt's efforts "in achieving macroeconomic stabilization, a recovery in growth, and an improvement in the business climate" have been successful.

However, 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.

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