IMF completes third review of Egypt's economic reform program

WASHINGTON, June 29 (KUNA) -- The Executive Board of the International Monetary Fund (IMF) completed Friday the third review of Egypt's economic reform program supported by an arrangement under the Extended Fund Facility (EFF), the IMF announced.
The Fund said in a statement that the completion of the review allows the authorities to draw the equivalent of about USD 2.02 billion, bringing total purchases to about USD 8.06 billion.
The IMF indicated that the three-year EFF arrangement in the amount equivalent to about USD 12 billion "or 422 percent of quota at the time of approval of the arrangement" was approved by the Executive Board in November 2016 "to support the authorities' economic reform program." (end) si