International development

The International Monetary Fund has approved a second tranche of a $12 billion loan to Egypt, praising the country's tough economic reforms that have fuelled inflation.

In a statement on July 13, IMF managing director Christine Lagarde said the approval of the roughly $1.25 billion tranche showed "the IMF's strong support for Egypt in these efforts."   

We got the much-desired loan instalment, we pledged more reforms to the IMF and the Cyprus talks have ended. Greece suddenly finds itself outside the framework of talks with creditors and partners. Nor are there any elections on the horizon.

In a letter of intent to the International Monetary Fund (IMF) seen by Kathimerini, Prime Minister Alexis Tsipras pledged to set a ceiling to hirings of contract workers to municipalities in 2017 and 2018, and to make changes to trade union laws in order to get the Washington-based organization to join the Greek program. 

The European branch of the IMF has sent its sustainability report on the Greek debt to the fund’s Executive board, which is scheduled to discuss the matter on July 20.

BELGRADE - The government and the National Bank of Serbia have strengthened the national economy dramatically, IMF Mission head James Roaf said in Belgrade on Wednesday.

Serbia is focused on wrapping up its IMF program this year, and it will evaluate the implications for economic growth before seeking a new arrangement.

This is what Serbian Prime Minister Ana Brnabic has told Bloomberg.

The International Monetary Fund, a key creditor in Greece's bailout, will not participate in any further rescues of the debt-wracked country, Germany's finance minister told a Greek newspaper on July 1.

"We have all acknowledged (eurozone and IMF) that the third Greek (bailout) payment will be the last with the participation of the IMF," Wolfgang Schaeuble told Greek daily Ta Nea.

The German budget committee is expected to sanction the release of the 8.5bn euro tranche to Greece later Wednesday. The German Finance Minister, Wolfgang Schauble sent a letter calling on MPs of the coalition party to support the deal, which he dubbed a “good and realistic package” for Greece, according newspaper Handelsblatt. The newspaper reports that Mr.

Turkey attracted $765 million in foreign direct investment (FDI) in April 2017, the Economy Ministry said on June 22.

According to a statement issued by the ministry, Turkey received $3.6 billion net of FDI between January and April this year, indicating an increase of 2 percent compared to the same period in 2016.

The International Monetary Fund insists on its position that the target for Greece's primary budget surplus should be reduced further after 2022.