By: Ahmed Allam

Cairo – Mubasher: Egypt received the final tranche of the $12 billion loan from the International Monetary Fund (IMF) last week, an informed governmental source told Mubasher.

In July, the IMF approved to grant the last tranche of its loan to the most populous Arab nation.

In November 2016, the North African country started its IMF-supported economic reform programme which included slashing fuel subsidies and introducing valued-added taxes (VAT).

In June, the Egyptian government announced new fuel price hikes in its latest round of subsidy cuts as part of its deal with the IMF.

Translated by: Zeinab Adel