WASHINGTON: Egypt has reached an agreement with the International Monetary Fund on release of the next $2 billion loan installment, the fifth under the country’s three-year aid program, the IMF announced Wednesday.
The agreement with the IMF staff is subject to approval by the executive board of the Washington-based crisis lender.
The loan program for Egypt was signed in November 2016, and with this payment Cairo will have received $10 billion of the total.
“The Egyptian economy has continued to perform well, despite less favorable global conditions, supported by the authorities’ strong implementation of the reform program,” IMF mission chief Subir Lall said in a statement.
In addition, he said the central bank’s “prudent monetary policy helped bring down annual inflation.”
Egypt has imposed harsh austerity measures to try to right the economy and reduce the budget deficit. It floated the currency and started to phase out subsidies on many goods and services, including hiking fuel prices as much as 50 percent, and electricity rates by about 25 percent.
Consumer prices spiked in September but Lall said the central bank was committed to bringing inflation down to single digits in the medium term.
Lall said the reforms are working, cutting the deficit in half to 2.4 percent of GDP, and boosting growth to 5.3 percent.
At the same time the government has implemented “comprehensive efforts to improve the living standards of the most vulnerable,” he said.
Since the 2011 revolt that toppled former president Hosni Mubarak, the economy of the Arab world’s most populous country has received multiple shocks caused by political instability and security issues.
Egypt reaches agreement with IMF on next $2 bn loan payment
Egypt reaches agreement with IMF on next $2 bn loan payment
- The loan program for Egypt was signed in November 2016, and with this payment Cairo will have received $10 billion of the total
QIA, Franklin Templeton launch $200m Qatar equity fund
RIYADH: Qatar’s sovereign wealth fund has teamed up with Franklin Templeton to launch a $200 million equity fund focused on the local stock market, part of efforts to deepen liquidity and attract institutional investors to Qatar’s capital markets.
The Qatar Investment Authority and the US asset manager said the Franklin Templeton Qatar Equity Fund will operate as a day-traded mutual fund investing in companies listed on the Qatar Stock Exchange, according to the Qatar News Agency.
The launch comes after a PwC report earlier in February highlighted growing optimism among CEOs in Qatar, with companies increasing investment, pursuing acquisitions and expanding operations as the country pushes toward innovation-led growth.
Mohammed Saif Al-Sowaidi, CEO of QIA, said: “With the launch of Franklin Templeton Qatar Equity Fund, QIA is further expanding our Active Asset Management Initiative to support Qatar’s financial markets.”
He added: “As one of the largest global asset managers, Franklin Templeton brings a wealth of experience and resources to QSE and the broader Qatari economy and we look forward to working closely together on this initiative.”
The fund aims to give investors exposure to Qatar Stock Exchange-listed equities, allowing local and international institutions to access an actively managed portfolio in the domestic market, QNA reported.
QIA is the fund’s lead investor, contributing cash and shares, underscoring its commitment to the Qatari stock market. The reallocation of QSE-listed shares is intended to support the domestic economy and enhance market liquidity, it added.
Franklin Templeton manages about $1.68 trillion in assets as of Dec. 31, 2025, making it one of the world’s largest investment firms.
“Through our partnership with QIA, we aim to contribute meaningfully to the continued development of the Qatari financial ecosystem. We see this collaboration as the beginning of a long-term strategic partnership and part of a broader, multi-asset collaboration between Franklin Templeton and QIA,” said Jenny Johnson, CEO of Franklin Templeton.
The Franklin Templeton Qatar Equity Fund represents a key step in QIA’s active asset management strategy and highlights its partnership with Franklin Templeton in supporting Qatar’s capital markets through global investment expertise.
