January 25, 2019 / 5:04 PM / 4 months ago

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

FILE PHOTO - International Monetary Fund (IMF) Managing Director Christine Lagarde gestures during a panel discussion at the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 25, 2019. REUTERS/Arnd Wiegmann

WASHINGTON (Reuters) - International Monetary Fund Managing Director Christine Lagarde said on Friday 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.

Reporting by David Lawder; Editing by Chizu Nomiyama

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