The International Monetary Fund’s (IMF’s) executive board completed on February 2 the fourth review of Egypt’s economic reform program, allowing the country to draw about USD 2 bn worth of loan, bringing the country’s total disbursements to USD 10 bn, Invest-Gate reports.

This fourth review of Egypt’s programme had been awaiting board approval since October, when IMF staff and government officials had finalized it, according to a recent official statement.

On November 2016, the IMF approved a three-year extended arrangement to Egypt for an amount of USD 12 bn to support the authorities’ economic reform program.

The Extended Fund Facility (EFF)-supported program aims to help Egypt “restore macroeconomic stability and promote inclusive growth,” in addition to “correct external imbalances and restore competitiveness, place the budget deficit and public debt on a declining path, boost growth and create jobs while protecting vulnerable groups,” according to an earlier statement released in November 2016.