IMF approves 3rd $2B tranche of Egypt's $12B Extended Fund

CAIRO – 20 December 2017: The executive board of the International Monetary Fund (IMF) approved the third $2 billion tranche of Egypt’s $12 billion Extended Fund Facility, the IMF said on Wednesday in a statement.

“The IMF on Wednesday completed the second review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF),” the statement added.

The completion of the review allows Egyptian authorities to draw about $2.03 billion, bringing total disbursements to $6.08 billion.

The IMF executive board approved in November 2016 a three-year bailout loan to Egypt worth $12 billion to support its economic reform program.