The IMF board approved the latest $2 billion disbursement for Egypt

The International Monetary Fund has approved the fourth installment 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 program, which the Washington-based lender has repeatedly praised. Since then,

Egypt has imposed harsh austerity measures and started to phase out subsidies on many goods and services, including this month’s move hiking fuel prices as much as 50 percent, and electricity rates by about 25 percent.

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 percent of GDP in the 2015-2016 tax year.