Second IMF tranche arrives in 2-3 weeks: Garhy

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Thu, 22 Jun 2017 - 02:31 GMT

BY

Thu, 22 Jun 2017 - 02:31 GMT

 IMF Bruno Sanchez Andrade Nuño- via Flickr

IMF Bruno Sanchez Andrade Nuño- via Flickr

CAIRO – 22 June 2017: Egypt will receive the $ 1.25 billion payment in second tranche of the International Monetary Fund (IMF) loan in two to three weeks, Minister of Finance Amr El-Garhy said Thursday.

Garhy told Reuters the second tranche, which was supposed to arrive in June, was delayed due to bank procedures at the IMF.

In May, the IMF reached a staff-level agreement with Egypt to provide Cairo with the second $1.25 billion tranche of its three-year $12 billion loan, approved in 2016.

The IMF loan has been in the works for years, and was seen as a vital lifeline for Egypt in recovering investor confidence. As part of the agreement Egypt had to agree to a series of economic reforms and austerity measures to combat inflation and the deteriorating economic conditions in the country.

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