Egypt receives one billion dollars from IMF loan

Egypt received a billion dollars, the last tranche of the World Bank’s $ 3 billion loan, the Egyptian investment minister said.

” $ 1 billion has been transferred from the World Bank,” Minister Sahar Nasr told a press conference at the cabinet.

Egypt has also received $ 150 million in grants from the Group of Seven (G-7).

” $ 250 million was transferred from Germany and $ 170 million from France to support Egypt’s economic reform program,” she said.

Egypt is embarking on economic reforms, including liberalization of the exchange rate, VAT and reduction of subsidies, under a $ 12 billion three-year loan program with the International Monetary Fund.

The country’s foreign exchange reserves rose to $ 42.524 billion at the end of February, hitting a new record, following the sale of $ 4 billion in international bonds last month, the central bank said.