Egypt will receive a $2 billion installment of its $12 billion loan from the International Monetary Fund (IMF) in June or July, the Deputy Finance Minister, Ahmed Kouchouk, said, according to Al Mal News.
Kouchouk said that an IMF mission will visit Egypt in May to review its economic-reform program.
Upon receipt of this fourth disbursal, Egypt will have received $8 billion from the IMF. The IMF agreed earlier this month to release the third installment.
The IMF stated that Egypt’s economy was showing “welcome signs of stabilization” with foreign-currency reserves reaching their highest level since 2011, inflation easing, and economic growth recovering.
“The outlook is favorable, but will require sustained efforts to maintain prudent policies and advance structural reforms to support the authorities’ medium-term objective of inclusive growth and job creation,” the IMF’s First Deputy Managing Director, David Lipton, said, according to Amwal Al Ghad.