The International Monetary Fund (IMF) staff team and the Egyptian officials have reached a staff-level agreement on the third review of Egypt’s economic reform program, Invest-Gate reports.

The review completion would make about USD 2 bn available to Egypt, bringing total disbursements under the program to about USD 8 bn out of USD 12 bn.

IMF has stated that Egypt has begun to reap the benefits of its ambitious and politically difficult economic reform program, mentioning that Egypt’s annual headline inflation declined from 33% in mid-2017 to 13% in April 2018.

“Egypt is on track to achieve a primary budget surplus excluding interest payments in 2017-18, with general government debt as a share of GDP expected to decline for the first time in a decade,” IMF reveals.