Egypt to receive $2 bln of IMF loan by end December

Egypt is expected to receive the second tranche of $2 billion, its  third dispersal,  of the three-year International Monetary Fund (IMF) loan during the third week of December, said Minister of Finance Amr el Garhy.

However, the payment is still subjected to IMF executive board approval, will bring total disbursements under the program to about $6 billion. IMF executive board is set to review the performance of Egypt’s economic reform progamme before approval.

The minister stressed that Cairo is moving steadily in implementing the reform program, pointing out that the Egypt has achieved number of economic achievements during the past four years.

The IMF originally approved the loan in August 2016, intended to jumpstart an economy battered by years of turmoil that have driven away investors and tourists, releasing the first $2.75 billion installment in November 2016.

The reforms include a raft of measures including loosening capital controls, ending energy subsidies, reforming public enterprises and overhauling monetary policy in a bid to restore economic stability and long-term growth.