Egypt to receive $1.6B from IMF during 2nd half of June

BY

Thu, 27 May 2021 - 03:05 GMT

FILE - CBE

FILE - CBE

CAIRO – 27 May 2021: Egypt is expected to obtain the last tranche of the International Monetary Fund‘s (IMF) loan, amounting to $ 1.6 billion, in the second half of next June, according to Deputy Governor of the Central Bank of Egypt Ramy Abul-Naga.

 

Abul-Naga clarified this step is a tribute to the economic reform measures undertaken by the Egyptian state since 2016.

 

He added, in statements to Al Arabiya TV, that it is unlikely that Egypt will conclude a financing agreement with the International Monetary Fund during the coming period.

 

CBE Deputy Governor explained that Egypt does not have a financing gap through which it needs to negotiate a loan from the IMF, especially after it obtained the required financing package of $ 8 billion from the IMF through two programs.

 

He continued, "Cooperation (during the coming period with the IMF) will be technical and not based on financing programs."

 

The IMF experts had reached an agreement with the Egyptian authorities regarding additional financing, after a second and final review of Egypt's economic program, and a conditional credit arrangement of $ 5.2 billion for a period of 12 months.

 

The International Monetary Fund said, on Tuesday, that it expects to provide additional financing of $ 1.6 billion to Egypt, after it is approved by its executive board in the coming weeks.

 

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