Egypt's economy trapped in vicious cycle of IMF debts

Ismael El-Kholy

May 26, 2017

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, November 3, 2016. Picture taken November 3, 2016. REUTERS/Mohamed Abd El Ghany - RTX2S4YT — The Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt, Nov. 3, 2016. — REUTERS/Mohamed Abd El Ghany

عربي

CAIRO — Speaking on Egyptian television channel CBC on May 17, Chris Jarvis, the International Monetary Fund (IMF) Mission Chief for Egypt, said Cairo is expected to receive $1.25 billion within a few weeks as the second tranche of an IMF loan granted in 2016.

Jarvis said the Egyptian government should bring inflation down, stressing the IMF's optimism with Egypt's efforts to completely lift subsidies on energy products within three years.