IMF to discuss Egypt’s economic reform progress Thursday

CAIRO – 12 July 2017: The executive board of the International Monetary Fund (IMF) will meet Thursday in Washington to discuss the developments in Egypt’s economic reforms program, the Minister of Finance Amr el-Garhy said.

The minister added to Egypt Today that Egypt will receive the IMF’s $1.25 billion second tranche, of its three-year $12 billion loan approved in 2016, next week.

The tranche will be transferred to the reserves of the central bank of Egypt (CBE) in foreign currency and will be added to the balances of the Ministry of Finance in Egyptian pound at LE 17.9 per U.S. dollar, Garhy said. The tranche’s value will be equivalent to LE 22 billion.

The IMF loan has been in the works for years, and was seen as a vital lifeline for Egypt in recovering investor confidence.

As part of the agreement, Egypt had to implement a series of economic reforms and austerity measures to restore macroeconomic stability.