IMF chief of mission in Cairo to meet CBE governor, Garhy

CAIRO – 1 October 2017: Minister of Finance Amr El-Garhy will meet, Subir Lall, the International Monetary Fund’s (IMF) mission chief for Egypt, Middle East, and Central Asia, to prepare for the next economic review, the minister said Sunday.

Speaking to local media, Garhy said the second IMF review for Egypt will take place by the end of October, after the annual meetings of the IMF and the World Bank in Washington.

Governor of the Central Bank of Egypt (CBE) Tarek Amer will also meet Lall during his three-day visit, Garhy added.

In July, the IMF approved the disbursement of the second tranche worth $1.25 billion of Egypt's $12 billion loan, following the IMF’s completion of its Executive Board for the first review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF).

In November, Egypt received the first funding installment of $2.75 billion of the loan approved in favor of Egypt in 2016.