Egypt receives $2b IMF loan tranche

CAIRO: Egypt’s finance minister says his country has received the final $2 billion (Dh7.34 billion) portion of a bailout package from the International Monetary Fund.

The minister, Mohammed Moait, said late on Monday that Egypt has completed an ambitious reform program designed to overhaul its ailing economy.

The program included austerity measures to meet requirements set by the IMF to qualify for a $12 billion bailout, which Egypt secured in 2016.

The IMF said in May that Egypt’s efforts “in achieving macroeconomic stabilisation, a recovery in growth, and an improvement in the business climate” have been successful.

But 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. (AP)