Egypt Independent

IMF bailout for Egypt seeks major reduction in public debt



The International Monetary Fund said on Friday that its $12 billion bailout program for Egypt aims to reduce the country's public debt-to-GDP ratio by almost ten percentage points by the end of the program's third and final year.
 
In a statement following board approval of the loan program earlier on Friday, the IMF said the program also aims to eliminate foreign exchange shortages by liberalizing the exchange rate system, contain inflation and strengthen social safety nets by increasing spending on food subsidies and cash transfers.