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IMF's Lagarde says will recommend approval of next Egypt loan tranche

Saturday 26 January 2019 12:49 PM

Christine Lagarde’s statements in Egypt’s economic
Christine Lagarde’s statements in Egypt’s economic

 (Reuters) - International Monetary Fund Managing Director Christine Lagarde said  yesterday that she will recommend that the Fund’s executive board approve a fourth review of Egypt’s $12 billion loan program, a move expected to unlock a $2 billion disbursement.

Lagarde said in a statement that the board will meet in coming weeks to discuss the review. She commended Egyptian authorities for reforms that have put the country’s budget deficit on a declining trajectory, and that have helped to reduce its unemployment rate to 10 percent, the lowest since 2011.