Egypt IMF Loan to Be Repaid in 10 Years, Targets Higher GrowthSource: www.export-egypt.com 11/13/2016, Location: Africa |
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Egypt's $12 billion three-year IMF loan programme will be repaid in 10 years with a 4.5 year grace period and the reforms agreed with the international lender aim to boost growth and curb inflation, the finance ministry said.
It said the reforms target GDP growth of 5.5 percent and inflation of less than 10 percent by the 2018-19 fiscal year. The International Monetary Fund approved a programme aimed at helping Egypt close its budget gap and rebalance its currency markets. Egypt's headline inflation was near 14 percent in October and the economy grew 4.3 percent in the 2015-16 fiscal year. |
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