Trade min., IMF team review 2nd tranche of $12bn loan

Trade and Industry Minister Tareq Qabil had a meeting on Wednesday with a delegation from the International Monetary Fund (IMF) ahead of on the second dlrs 1.25 billion tranche of its three-year dlrs 12 billion IMF loan.

The delegation arrived in Cairo Sunday to conduct the first periodic review of Egypt's economic reform program.

In a statement on Thursday, Qabil said that a sustainable development strategy was drawn up within the Egyptian government's economic reform plan with the view to maximizing Egypt's role in the global economy.

The IMF officials hailed the trade ministry's strategy aiming at increasing industrial investment rates, in addition to decisions taken to beef up exports, Qabil said. 

Qabil further underlined the Trade Ministry's major role in facing economic-related problems, citing the launch of a strategy for enhancing industrial development and foreign trade until 2020.

Despite the challenges facing Egypt's economy, the GDP increased by 4.3% last year, while trade deficit declined by 18%, Qabil said.

Egypt's hard currency reserves also upped by 55%, while investments increased by 6.2%, he added. 

Egypt received the first 2.75-billion-dollar tranche of the IMF loan in mid-November.