Egypt to repay 1st installment of IMF’s loan in May 2021

CAIRO – 23 April 2018: Egypt will repay the installments of the International Monetary Fund’s loan starting from May 2021 until November 2026, according to Deputy Minister of Finance for Financial Policies Ahmed Kojak.

Kojak clarified during the World Bank Group and International Monetary Fund Spring Meetings, that the first installment amounted to $2.75 billion.

Egypt clinched a $12-billion loan from the International Monetary Fund (IMF) after the flotation of its currency in November 2016.

The IMF loan helped the state’s foreign reserves to rebound by receiving the first three tranches of the loan with a total value of $6.08 billion.

The $2 billion fourth tranche will be received by Cairo after the program’s third review in June.

Deputy Governor of the Central Bank of Egypt Ramy Abul-Naga said on Sunday that foreign currency inflows to banks operating in Egypt have risen to more than $77 billion since the flotation of the Egyptian currency in November 2016.

The Spring Meetings are held by the board of governors of the World Bank Group and the International Monetary Fund (IMF).

The 2018 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) took place in Washington, DC, from April 20 to April 22.

The meetings covered issues related to the monetary policy, the economic and social program of the government and the progress made in the Egyptian economic reform program.