IMF SAYS EGYPT ON TRACK WITH REFORM PROGRAM, INFLATION FIGHT

The International Monetary Fund has welcomed Egypt’s economic reforms, saying it has made a good start at reining in public spending, boosting investor confidence, and addressing the surging inflation generated by the new policies.

In its first review since Egypt secured a $12 billion, three-year bailout loan in November, the IMF says Tuesday that Egypt’s performance has been on track, allowing it to release a new $1.25 billion disbursement. That brings the total payout so far to $4 billion.

Source: National News Agency