Egypt to get final $1.6 billion tranche of IMF standby loan before June-end

Egypt is set to receive the final $1.6 billion tranche of its International Monetary Fund (IMF) standby loan before the end of next June, Finance Minister Mohamed Maait told local news outlets on Saturday.

The IMF’s executive board is expected to make a final decision on the $1.6 billion payment   during the first half of the month, paving the way for the disbursement before July, Maait added.

The IMF reached last a staff-level agreement with Egyptian authorities about the additional funding after a second and final review of Egypt’s economic programme and a $5.2 billion 12-month standby arrangement.

The one-year $5.2 billion financing package was agreed in June 2020 to support the Egyptian economy and shore up public finances during the COVID-19 pandemic.