Egypt, IMF ink loan deal

washington — Egypt has reached an agreement with the International Monetary Fund on release of the next $2 billion loan installment, the fifth under the country’s three-year aid program, the IMF announced on Wednesday. The agreement with the IMF staff is subject to approval by the executive board of the Washington-based crisis lender.

The loan programme for Egypt was signed in November 2016, and with this payment Cairo will have received $10 billion of the total.

“The Egyptian economy has continued to perform well, despite less favorable global conditions, supported by the authorities’ strong implementation of the reform program,” IMF mission chief Subir Lall said in a statement.