Central Bank Governor Tarek Amer and IMF Mission Chief in Egypt Chris Jarvis in a press conference. Reuters
CAIRO, Jan 18 (Aswat Masriya) - The International Monetary Fund (IMF) published on Wednesday the documents pertaining to Egypt’s three-year funding facility of $12 billion, setting out projections for the upcoming year.
The receipt of the first tranche of the loan of $2.75 billion was confirmed by the central bank the same day the IMF executive board had met to give its approval of the loan in November.
The approval came after Egypt adopted a series of reform measures including the flotation of the national currency, the adoption of the value-added tax to replace the sales tax and a reduction of fuel subsides leading to price increases of petroleum products ranging from 7.1 per cent to 87.5 per cent.
The central bank also raised key interest rates by 300 basis points.
While a few measures have already been met by the Egyptian government, other measures remain to be implemented with regards to monetary and fiscal policies as well as structural reforms.
The IMF report includes loan documents and a timeline of the measures that the Egyptian government has already implemented and others that have yet to be met in the context of the IMF agreement.