The International Monetary Fund has approved the fourth instalment of a $12 billion, three-year loan for Egypt, bringing the total released to date to just over $8 billion.
The IMF board approved the latest $2 billion disbursement under the aid deal signed in November 2016 to support Cairo's economic reform programme, which the Washington-based lender has repeatedly praised, reported Saudi Gazette.
The development saw Egypt imposing austerity measures and phasing out subsidies on many goods and services, including this month's move hiking fuel prices as much as 50 per cent, and electricity rates by about 25 per cent, according to Saudi Gazette.
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Consumer prices have soared as the authorities floated Egypt's currency and adopted a value-added tax. Meanwhile, a fiscal crisis caused the deficit to balloon to 12.5 per cent of GDP in the 2015-2016 tax year.
The IMF said Egypt is beginning to reap the benefits of the reforms, and estimates the economy will grow 5.2 per cent this year.
