Egypt to Receive $2B Tranche after Second IMF Review

Egypt to Receive $2B Tranche after Second IMF Review

The International Monetary Fund (IMF) expects to release the third tranche of its $12 billion loan to Egypt after the completion of a second review of Egypt’s compliance with the loan agreement later this year, the organization announced, according to Reuters.

The third installment is for approximately $2 billion.

In its first review released on September 26th, the IMF said that Egypt had made a “strong start” on its reform program, but that high inflation threatens macroeconomic stability, Egypt Oil & Gas reports. It noted that fiscal and regulatory reforms had improved Egypt’s financial and business climate.

Egypt’s inflation rate could fall to the low double digits, just over 10%, by next summer, according to the IMF Mission Chief for Egypt, Middle East, and Central Asia Department, Subir Lall, Reuters reports.

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Sarah Samir 3516 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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