IMF Loan

Ling-Stuckey clarified this again, for the member for North Waghi Fabian Pok.

Treasurer Ian Ling-Stucky, who was questioned on this by the member for Ialibu-Pangia on Tuesday, repeated that the loan was interest free with no conditions attached.

“There are no conditions attached to the IMF loan,” says the Treasurer.

However, the former Prime Minister and Ialibu Pangia MP Peter O’Neill remained unconvinced.

“There are two conditions that are normally given by the IMF to member countries that are seeking this.

Egypt will receive $2.75bn immediately, with the rest subject to its economic performance and further reforms.

IMF Managing Director Christine Lagarde said the bailout would "address longstanding challenges".

Egypt's President Abdul Fattah al-Sisi is facing high unemployment and a budget deficit of 12% of GDP.

The country has struggled to attract foreign investment since the political turmoil in 2011 and the so-called Arab Spring, which saw former president Hosni Mubarak overthrown.