Egypt is believed to receive a new tranche of the $2 billion International Monetary Fund (IMF) loan during the 3rd week of December 2017, said Egyptian Minister of Finance, Amr El Garhy, according to Amwal Al Ghad.
Yet, the payment is still pending the approval of the IMF executive board. Upon payment, total disbursements under the program will reach $6 billion.
IMF executive board will review Egypt’s economic reform program’s performance before granting its approval.
Egypt is making steady steps in adopting its reform program, El Garhy said, noting that the North African country has made several economic achievements during the past four years.
The IMF loan was approved in August 2016, in order to help Egypt boost its economy.The first $2.75 billion tranche of the loan was released in November 2016.
Since the loan agreement, Egypt has taken a number of economic reform steps, including ending energy subsidies, loosening capital controls, overhauling monetary policy and reforming public enterprises as the country tries to restore economic stability and long-term growth.
