IMF agrees to give Egypt fifth installment of $12b loan

CAIRO – 4 February 2019: The executive board of the International Monetary Fund (IMF) agreed Monday after a meeting in Washington to give Egypt the fifth installment of its $12 billion loan ($2 billion) by the end of the current week, Minister of Finance Mohamed Maait told Egypt Today.

Officials told Egypt Today that Egypt would receive the last installment of the loan in either June or July after the annual spring meetings of the IMF and the World Bank, scheduled to be held in April in Washington.

The officials pointed out that the fifth installment of the IMF loan will be added to the foreign-exchange reserves of the Central Bank of Egypt in order to narrow Egypt’s budget deficit.