Egypt will receive the third tranche of its $12 billion loan from the International Monetary Fund (IMF) after the visit by an IMF delegation next month, according to the Egyptian Finance Minister, Amr El Garhy, Amwal Al Ghad reports.
The third installment of the loan is approximately $2 billion.
The delegation will visit Egypt as part of the IMF’s second assessment of country’s implementation of the loan agreement. The minister expects the second review by the last week of October or the first week of November.
The IMF delegation will visit Egypt between October 25th and November 7th, Amwal Al Ghad reports. The bank previously announced that it would release the third tranche after the completion of its second review.
In September, the IMF released its first assessment of Egypt’s economic reforms and progress. It noted that Egypt was on a positive trajectory but high inflation threatened to undermine the country’s economic stability.
The $12 billion IMF loan was approved in November 2016 to stabilize Egypt’s economic situation.