Egypt expects second tranche of IMF loan in December – c.bank governor

Egypt expects to receive the second $1.6 billion instalment of its one-year $5.2 billion International Monetary Fund (IMF) standby loan in December, Central Bank Governor Tarek Amer said late on Wednesday.

On June 5, IMF reached a staff-level loan agreement with Egypt to help the North African country grapple with the novel coronavirus pandemic and its economic fallout. A month later, the country obtained the first tranche of the loan worth $2 billion.

The loan aims at safeguarding economic gains achieved by Egypt over the past three years and put the country on strong footing for a sustained recovery, the IMF said in a June statement.

Egypt is likely to receive the third and final tranche of $1.6 billion in June 2021, Amer told local channel Sada El Balad in a phone interview.