Home
Previous Post
Trade Between Egypt and the EU Reached $13.4 Billion in the First Half of 2018
Next Post
Egyptian Government to Offer Real Estate with a Twist for those Abroad

Egypt Set to Begin Paying Back $12 Billion IMF Loan

We might not be Lannisters, but we're keen on paying back our dues.

Anonymous government sources have disclosed the country’s decision to begin reimbursing the $12 billion International Monetary Fund (IMF) loan in installments, Al-Masry Al-Youm reported on Saturday.

The IMF loan was initially granted to Egypt in 2016; the $12 billion loan is reportedly set to be completed by next year, as Egypt has so far taken $8 billion, according to Finance Minister Mohamed Maeet.

In return, Egypt will reportedly begin paying back the loan in equal installments, over a period of five years and six months; the IMF should be fully reimbursed by November of 2026.

Ever since the economic reforms and austerity measures were set in place, Egypt has faced a series of setbacks in regard to hikes in prices – but according to Maeet, it was all for the best; the reforms aided the government in refining national projects, public services, and much more.

The next sum of money (more formally known as ‘tranche’) is set to be received from the IMF by November, after the periodical revisions by the Board of Directors in Washington of Egypt’s economic activities over the last period.

Main image from Global Risk Insights.


Todays Events
Alt Tuesday ft. $$$TAG$$$ & Tor5y @ CJC
Bars
Date: 6/18/2019
Time: 10:30pm - 3:00am
Venue: Cairo Jazz Club
Karaoke Night @ CJC 610
Bars
Date: 6/18/2019
Time: 10:00pm - 3:00am
Venue: Cairo Jazz Club 610
Gravy Train @ Room New Cairo
Concerts
Date: 6/18/2019
Time: 9:00pm - 10:30pm
Venue: The Spot
E-Motion Day @ 3elbt Alwan
Variety
Date: 6/18/2019
Time: 4:00pm - 11:00pm
Venue: 3elbt Alwan111
Float Reborn @ The Garden Nile Front
Clubs
Date: 6/18/2019
Time: 10:00pm - 3:00am
Venue: The Garden Nile Front
The Tour Exhibition @ TINTERA
Exhibitions
Date: 6/18/2019
Time: 10:00am - 4:00pm
Venue: Zamalek
Crazy Karaoke Night @ Bus Stop
Parties
Date: 6/18/2019
Time: 9:00pm - 3:00am
Venue: Bus Stop Sahl Hasheesh
AləgZANdreeə Art Exhibition @ Soma Art Gallery
Exhibitions
Date: 6/18/2019
Time: 7:00pm - 10:00pm
Venue: Alexandria