CAIRO: The International Monetary Fund said on Friday its team had reached a staff-level agreement with Egypt to disburse the final $2 billion tranche of a $12 billion loan.
The three-year loan programme was signed in 2016. As part of the IMF programme, Egypt has been carrying out economic reforms including a steep devaluation of the pound, deep cuts to its energy subsidies and the introduction of new taxes.
In a statement, the IMF said that Egypt's fiscal policies and flexible exchange rate had contributed to economic stabilisation and made Egypt more resilient to external shocks.
"Looking ahead, we welcome the authorities' focus on structural reforms as it needs to be deepened to facilitate inclusive growth and job creation for all," it added.
The staff-level agreement still needs to be approved by the IMF's executive board.
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IMF ready to disburse final $2bn tranche of Egypt loan
IMF ready to disburse final $2bn tranche of Egypt loan
- The IMF said that Egypt's fiscal policies and flexible exchange rate had contributed to economic stabilisation and made Egypt more resilient to external shocks
- The three-year loan programme was signed in 2016
Gaza civil defense says Israeli strikes kill at least 5
GAZA CITY: Gaza’s civil defense ministry said Israeli strikes killed at least five people on Friday.
Violence has continued in the Palestinian territory despite a US-brokered truce that entered its second phase last month, with Israel and Hamas trading accusations of violating the agreement.
The civil defense agency, which operates as a rescue force under Hamas authorities, told AFP that an air strike in the early hours of Friday morning killed at least two people and seriously injured one in central Gaza.
A drone strike in the south of the strip shortly after midnight killed three and injured several more people, the agency added.
Under the terms of the ceasefire, which took effect on October 10, Israeli troops withdrew to positions behind a so-called “Yellow Line,” though they remain in control of more than half of the territory.
Gaza’s health ministry, which operates under Hamas authorities, has previously said at least 601 people had been killed since the truce began.
The Israeli military says at least four of its soldiers have been killed in the same period.
Media restrictions and limited access in Gaza have prevented AFP from independently verifying casualty figures or freely covering the fighting.
Violence has continued in the Palestinian territory despite a US-brokered truce that entered its second phase last month, with Israel and Hamas trading accusations of violating the agreement.
The civil defense agency, which operates as a rescue force under Hamas authorities, told AFP that an air strike in the early hours of Friday morning killed at least two people and seriously injured one in central Gaza.
A drone strike in the south of the strip shortly after midnight killed three and injured several more people, the agency added.
Under the terms of the ceasefire, which took effect on October 10, Israeli troops withdrew to positions behind a so-called “Yellow Line,” though they remain in control of more than half of the territory.
Gaza’s health ministry, which operates under Hamas authorities, has previously said at least 601 people had been killed since the truce began.
The Israeli military says at least four of its soldiers have been killed in the same period.
Media restrictions and limited access in Gaza have prevented AFP from independently verifying casualty figures or freely covering the fighting.
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