bailout part: Further payments would be made over the next three years, pending five reviews of reforms, according to Deutsche Welle. The program will help restore macroeconomic stability and promote inclusive growth, the IMF board said in a statement. On Friday, the IMF said it had immediately released 2.75 billion to Egypt central bank. IMF Managing Director Christine Lagarde called the bailout part of a homegrown economic program that will help to address longstanding challenges to the economy while protecting the poor and vulnerable. The authorities recognize that resolute implementation of the policy package is essential to restore investor confidence. function link Color 0087eb, width 550, align center ; ; Fears of social instability The bailout package comes after import-dependent Egypt in recent weeks implemented a series of reformsdemanded by the international lender, including floating of the exchange rate, cutting fuel subsidies and passage of a value-added tax to raise revenue. These include a balance-of-payments problem manifested in an overvalued exchange rate and foreign exchange shortages, large budget deficits that led to rising public debt and low growth with high unemployment, Lagarde said.
(news.financializer.com). As
reported in the news.
Tagged under bailout part, imf topics.