How will Egypt spend its $12B from the IMF? - Al-Monitor: The Middle Eastʼs leading independent news source since 2012

Khalid Hassan

Khalid Hassan

Nov 25, 2016

Egyptians push to buy subsidized sugar from a government truck after a sugar shortage in retail stores across the country in Cairo, Egypt, October 14, 2016. Picture taken October 14, 2016. REUTERS/Amr Abdallah Dalsh - RTX2PEL1 — Egyptians push to buy subsidized sugar from a government truck after a sugar shortage in retail stores across the country, Cairo, Oct. 14, 2016. — REUTERS/Amr Abdallah Dalsh

عربي

CAIRO — On Nov. 11, the executive board of the International Monetary Fund (IMF) approved a three-year extended arrangement under the Extended Fund Facility to give $12 billion to Egypt to support the economic reform program developed by the Egyptian authorities.

Under the arrangement, $2.75 billion will be disbursed immediately and the remaining amount will be phased over the duration of the program, subject to five IMF reviews.

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

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Ismael El-Kholy

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Employees work on dough for kunafa at a machine in the factory of Arafah Al Kanafani, a shop selling traditional sweets, in old Cairo July 9, 2014. Arafah, which started operations in 1870, is one of the oldest pastry shops in Egypt that sells traditional desserts such as kunafa and qatayef during the holy fasting month of Ramadan, according to the owner Haj Mahmoud Arafah, who is from the Arafah family that founded the shop. REUTERS/Amr Abdallah Dalsh (EGYPT - Tags: RELIGION SOCIETY FOOD BUSINESS) - RTR3XU

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