Egypt receives 2nd IMF loan tranche of $1.25B on Tuesday

CAIRO – 18 July 2017: The $1.25 billion second tranche of the International Monetary Fund (IMF) has entered the treasury of the Central Bank of Egypt (CBE) on Tuesday.
The tranche will push Egypt’s foreign reserves, which registered $31.3 billion by the end of June, the highest since January revolution 2011, according to the CBE.

The IMF approved on July 13 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’s first review of Egypt’s economic reform program that was supported by an arrangement under the Extended Fund Facility (EFF), IMF said in a statement.

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