The International Monetary Fund (IMF) has begun its second periodic review of Egypt’s economic-reform program prior to the release of the next installment of its loan package to the country, Amwal Al Ghad reports.
The next tranche, worth $2 billion, is expected to be released approximately a month after the delegation completes its review, Amwal Al Ghad previously reported.
To conduct the review, an IMF delegation arrived in Cairo on October 24th. It plans to meet with Egyptian officials over a period of two weeks.
The delegation is scheduled to meet with the Governor of the Central Bank of Egypt (CBE), Tarek Amer, and the Minister of Finance, Amr El Garhi, today, a government official told Amwal Al Ghad.
Last November, the IMF approved a $12 billion loan to Egypt in order to stabilize the country’s economy. The loan is conditional upon the government’s implementation of economic reforms.
A previous report by the IMF, released in September, indicated that Egypt has made a “strong start” on its reform program, Egypt Oil & Gas reported at the time.
The funds will be used to bolster the country’s foreign-exchange reserves and help plug the government’s budget deficit, the Vice Minister of Finance for Financial Policies, Ahmed Kouchouk, told Amwal Al Ghad.