Second tranche of IMF loan expected in June

CAIRO – 8 April 2017: The second $1.25 billion tranche of a $12 billion loan package from the International Monetary Fund (IMF) is expected to be provided to Egypt in June, Minister of Finance Amr El-Garhy said Saturday.

Garhy was a member of the Egyptian delegation that accompanied President Abdel Fatah al-Sisi on his visit to the U.S. last week, where he met with President Donald Trump and other state officials.

In statements to

Youm7

, the minister said a delegation from the IMF will visit Egypt in late April to review the progress achieved in the government’s economic program and the “courageous measures” it has taken in this regard.

After the visit, he said, a report will be compiled and submitted to the IMF Executive Board to approve the second tranche of the loan.

Garhy noted that he will visit Washington this month to participate in the Spring Meetings of the World Bank and the IMF, slated for April 21-23.

The IMF delegation was scheduled to visit Egypt in mid-March but the visit was postponed.

Head of the IMF mission to Egypt Chris Jarvis previously told

Youm7

that the mission was put off as the Egyptian government had “other commitments,” giving no further details.