Cairo expects 2nd tranche of IMF loan in second half of June

CAIRO – 7 May 2017: Egypt expects to receive the second tranche of the International Monetary Fund (IMF) loan, worth $1.25 billion, in the second half of June, Minister of Finance Amr El-Garhy said on Sunday.

The IMF review of Egypt's economic reforms is going well, he told a news conference.

A delegation from the IMF is currently visiting Egypt, from April 30 to May 11, to conduct the first periodic review of the country's economic reform program, according to which it will be decided when to disburse the next $1.25 billion tranche.

After floating its pound, introducing a value-added tax and slashing fuel subsidies as part of a comprehensive reform program, Cairo clinched a three-year $12 billion loan agreement with the IMF to support the country’s ambitious reform scheme.

In November, the Central Bank of Egypt (CBE) received the first tranche, worth $2.75 billion.