Wednesday, 19 June 2019

Egypt receives $2bn tranche of IMF loan

Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package.
(AP Photo/Cliff Owen)

CAIRO: Egypt has received the fifth installment of the International Monetary Fund (IMF) loan, worth $2 billion, an official source at the Central Bank of Egypt (CBE) said, adding that the new batch of the IMF loan will be used to support the state budget and will have positive repercussions on foreign reserves.

An official source with the IMF told Al-Masry Al-Youm via telephone from Washington, DC that Egypt has the right to dispense the new tranche due after the approval of the IMF Executive Board.

The source praised the progress made by Egypt in the implementation of the economic reform program.

Two days ago, the Executive Board approved granting Egypt the fifth installment of the $12 billion loan, bringing the total Egypt has received from the IMF since November 2016 to $10 billion. The last installment of $2 billion is expected to be received by the end 2019.

Finance Minister Mohamed Maait said that the loan tranche is being converted into Egyptian pounds to the accounts of the Finance Ministry to strengthen the general budget after the CBE receives it in US dollars.

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