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Egypt says it received final, $2 billion portion of IMF loan

August 6, 2019
FILE - In this Feb. 14, 2017 file photo, a vendor counts his money at a bread stand in the Sayeda Zeinab neighborhood of Cairo, Egypt. A Monday, July 29, 2019 report said one in every three Egyptian citizens was living in poverty in 2018. The country's statistics agency said 32.5% of Egyptians lived below the poverty line that year, up from 27.8% in 2015 and 16.7% in 2000. Monday's report was the first on poverty and income since the government secured a $12 billion loan from the International Monetary Fund in 2016. (AP Photo/Nariman El-Mofty, File)
FILE - In this Feb. 14, 2017 file photo, a vendor counts his money at a bread stand in the Sayeda Zeinab neighborhood of Cairo, Egypt. A Monday, July 29, 2019 report said one in every three Egyptian citizens was living in poverty in 2018. The country's statistics agency said 32.5% of Egyptians lived below the poverty line that year, up from 27.8% in 2015 and 16.7% in 2000. Monday's report was the first on poverty and income since the government secured a $12 billion loan from the International Monetary Fund in 2016. (AP Photo/Nariman El-Mofty, File)

CAIRO (AP) — Egypt’s finance minister says his country has received the final, $2 billion portion of a bailout package from the International Monetary Fund.

The minister, Mohammed Moait, said late on Monday that Egypt has completed an ambitious reform program designed to overhaul its ailing economy.

The program included austerity measures to meet requirements set by the IMF to qualify for a $12 bailout, which Egypt secured in 2016.

The IMF said in May that Egypt’s efforts “in achieving macroeconomic stabilization, a recovery in growth, and an improvement in the business climate” have been successful.

But the austerity measures have also caused widespread price hikes that have taken a heavy toll on poor and middle-class Egyptians.

Last week, Egypt’s official statistics agency reported that one in three Egyptians is living in poverty.

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