Yomna Yasser - 2016-08-11 15:17:04
Egypt’s stock market traded higher on Thursday after the country agreed a three-year, $12 billion loan agreement with the International Monetary Fund. Main index, EGX30 also surged 1.04 percent, to 8377.71 points.The International Monetary Fund said earlier it has reached a deal to assist Egypt with a three-year loan programme worth about $12 billion tied to economic reforms.IMF added that upon the loan programme, the Egyptian government’s fiscal policy would be anchored to placing public debt on a clearly declining path toward more sustainable levels.
Over the IMF programme period, Egypt’s general government debt is expected to decline from about 98 percent in 15/16 to about 88 percent of GDP in the financial year 2018/19.“the Egyptian government, the Central Bank of Egypt (CBE) and the IMF team have reached a staff-level agreement on a three-year Extended Fund Facility (EFF) in the amount of SDR 8.5966 billion (422 percent of quota or about US$12 billion).” Chris Jarvis, Head of IMF Mission to Egypt, said in a statement.
Other indices; EGX50 EWI index fell 0.50 percent, to 1421.08 points; EGX20 added 0.21 percent, to 8532.51 points.
Mid- and small-cap index EGX70 rose 0.34 percent, to 363.39 points. Price index, EGX100 went up 0.46 percent, to 806.66 points. More»