IMF reaches staff-level agreement on first review of Egypt’s economic reform programme

ABU DHABI — The International Monetary Fund, IMF, said on Friday it had reached a staff-level agreement with Egypt on the first review of Egypt’s economic reform programme supported by the IMF’s US$12 billion arrangement.

“The staff level agreement is subject to approval by the IMF’s Executive Board. Completion of the review would make available about $1.25 billion, bringing total disbursements under the programme to about $4 billion,” a statement issued at the conclusion of an IMF mission to Egypt led by Chris Jarvis.

Jarvis described the agreement as “a vote of confidence” by the IMF staff in the continued implementation of the Egyptian authorities’ programme. “It is also testimony to the great efforts the Government and the Central Bank of Egypt have been making to reform the economy.”

The IMF team visited Cairo from 30th April to 11th May, 2017, to discuss policy priorities of the first review for Egypt’s economic reform programme supported by a three-year IMF Extended Fund Facility (EFF).

Source: Emirates News Agency