IMF Boss Expresses Confidence With Egypt's Reform Plans

The International Monetary Fund says the country is making good progress in its $12 billion loan programme. IMF Chief Christine Lagarde has said its currency is stabilising after plunging to record lows, an indicator that the floating of the pound was good for the economy. The fund will review Egypt's loan program in June. Lagarde has expressed confidence that the government is committed to the economic reform agenda. The government has so far received $2.75 billion and will get the second installment of about $1.25 billion at the end of February. The IMF had approved the three year loan on condition that it floats the pound and reduces government subsidies.