International Monetary Fund gives Egypt $ 1.67 billion in aid

The International Monetary Fund said on Friday it had completed its first review of Egypt’s economic reform program, allowing the government to withdraw $ 1.67 billion.

The fund said in a statement that the total money spent to Egypt within the framework of a 12-month credit agreement amounted to  $ 3.6 billion, according to Reuters.

At the end of 2016, Egypt concluded an agreement with the Fund, according to which it implemented a package of economic measures, most notably the liberalization of the exchange rate, the gradual elimination of energy subsidies, and the application of value-added tax in exchange for a loan of 12 billion dollars.

It is noteworthy that the Egyptian Minister of Finance stated earlier this year that the government is in discussions with the International Monetary Fund to implement a technical support program that does not include monetary support.