(MENAFN- Saudi Press Agency)
CAIRO Rajab 6 1437 Apr 13 2016 SPA -- The World Bank will provide the first $1 billion tranche of a $3 billion loan to Egypt after parliament approves the government's economic programme Reuters cited World Bank vice president Hafez Ghanem as saying at a news conference late Tuesday.
Parliament is expected to pass the program in April.
Egypt has been negotiating billions of dollars in aid from various lenders to help revive an economy battered by political upheaval since the 2011 revolt and ease a dollar shortage that has crippled import activity and hampered recovery.
The lender had agreed to provide the first $1 billion in December but is waiting for the government's economic programme which outlines the broad strokes of its reform plans to be passed by parliament.
The government presented a programme to parliament in late March that aimed to reduce the budget deficit while protecting the poor.
--SPA
11:19 LOCAL TIME 08:19 GMT
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.