Egypt to get $1.25bn after IMF team follow-up visit

Egypt will get dlrs 1.25 billion after a periodical visit by a delegation from the International Monetary Fund (IMF) by the end of April to follow-up the economic reform measures, the Egyptian finance minister said.

Egypt has already got dlrs 2.7 billion, Amr Garhy said in press statements statements on the fringe of the current visit of President Abdel Fattah El Sisi to Washington.

Garhy termed as "positive" the meeting between Sisi and IMF Managing Director Christine Lagarde.

The meeting tackled the progress which Egypt realized so far in the economic reform program, he said.

He expounded that Egypt's goal was not getting the loan, it, however, sought to get the money to carry out comprehensive economic reforms.

Egypt has presented its economic reform program to the IMF and the fund's board approved it, he said.

He added that the IMF's approval to help Egypt sent a message to the world that Egypt was serious about carrying out economic reforms.

Garhy noted that Sisi hailed the IMF's support for the Egyptian economic reform program.

Lagrade lauded the president's courageous decision to take action and confront Egypt's problems.

Lagrade stressed that the IMF would buttress Egypt, underlined that the Egyptian people should feel an improvement in living conditions as soon as possible.

Garhy noted that the government is aware of people's suffering in view of the measures taken to realize economic reform.

He said the government seeks to curb inflation rates and this could only be done through reducing debts and budget deficit.

He said the government is on the beam as it is seeking to decrease imports and boost exports and local industry.

He added that the IMF takes into consideration the social perspective, especially reducing inflation and protecting needy strata.

He said the government already takes this into consideration even before launching the economic reform program.

He said the government is mulling new social protection programs - under directives of the president.

Source: MENA