IMF approves Egypt's 2nd loan tranche of $1.25B

CAIRO – 14 July 2017: The International Monetary Fund (IMF) approved on Thursday the disbursement of the second tranche worth $1.25 billion of Egypt's $12 billion loan.

The approval followed the completion of the IMf's Executive Board for the first review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF), IMF said in a statement.

"The government and the central bank have taken the right measures to rein in inflation, reduce the budget deficit, and set the Egyptian economy on a path to stability and growth," Christine Lagarde, Managing Director of the IMF, said praising Egypt's reforms' program.

Moreover, Egypt's Finance Minister Amr El Garhy said in a Thursday statement that the ministry is coordinating with the IMF to transfer the funds to the accounts of the Central Bank of Egypt (CBE) within days.

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