The International Monetary Fund (IMF) has announced that they have reached a staff-level agreement with the Egyptian authorities regarding the third review of the country’s economic reform program, Egypt Oil & Gas reports.

The agreement is pending the IMF’s Executive Board’s approval to grant Egypt the third $2 billion tranche of the IMF’s $12 billion loan to the country.

This came as an IMF team headed by Subir Lall visited Egypt to conduct the third review of the economic reform program.

“Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2% in the first half of the year from 4.2% in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports,” said Lall.

Upon receiving the $2 billion tranche, total disbursements given to Egypt under the program will reach $8 billion.