IMF loan to be repaid in 10 years, targets higher growth, Finance Ministry says
Egypt's USD12bn three-year IMF loan programme will be repaid in 10 years with a 4.5 year grace period and 1.65% interest rate, Deputy Finance Minister, Ahmed Kouchouk, said on Sunday. The first IMF revision is scheduled to take place in April 2017, which would allow for USD1.25bn disbursement. The reforms target GDP growth of 5.5%, inflation of less than 10% by FY18/19, and a primary budget surplus instead of a deficit of 3.4% of GDP recorded 3.4% of GDP recorded last fiscal year, according to Kouchouk. (Reuters, Al Borsa)
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