IMF to discuss extending new tranche of $2B to Egypt

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Tue, 19 Dec 2017 - 10:31 GMT

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Tue, 19 Dec 2017 - 10:31 GMT

International Monetary Fund (IMF) - REUTERS

International Monetary Fund (IMF) - REUTERS

WASHINGTON - 19 December 2017: The Executive Board of the International Monetary Fund (IMF) is scheduled to hold a meeting on Wednesday in the United States capital, Washington, to discuss disbursing Egypt the first tranche of the second payment of the 12 billion dollar loan, according to the IMF agenda posted on its official website.

Under the new tranche, Egypt is expected to receive about 2 billion dollar.

The IMF executive board is set to decide paying the new tranche in light of the second review of Egypt’s economic reform program, that was prepared by the IMF staff team during their visit to Egypt.

Egypt has reached a staff-level agreement following the second review of Egypt's economic program that was compiled during the period October 25 to November 9.

Completion of the review would make available SDR [1,432.76 million] (about US dlrs 2 billion), bringing total disbursements under the program to about US dlrs 6 billion.

The IMF executive board approved in Nov 2016,12 billion dollar, a three-year bailout loan to Egypt, to support its economic reform program.

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