The International Monetary Fund’s (IMF) Executive Board met on February 4th and approved the fifth tranche of the $12 billion fund facility to Egypt, estimated at $2 billion, said Mohamed Maait, the Egyptian Minister of Finance.
The board completed the fourth review of Egypt’s economic reform program, allowing the fifth tranche to be disbursed to the North African country, according to IMF statement.
By receiving the tranche, the total disbursements Egypt received will reach $10 billion.
The three-year fund facility has been approved in November 2016 in order to support the country’s economic reform program.
In late January, IMF Managing Director, Christine Lagarde, praised the Egyptians’ patience and commitment to the economic reform program. “This will pave the way for higher and more inclusive growth for the long term, and I reiterate that the Fund stands ready to help achieve a more prosperous future for Egypt,” Lagarde noted