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.