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Thursday, 27 July 2017

Egypt to receive final disbursement of first tranche of IMF loan next week: Finance minister

Ahram Online , Tuesday 11 Jul 2017
IMF and Egypt
File Photo: Head of the IMF mission in Egypt (L), Egypt's finance minister Amr El-Garhy (C) and Central Bank of Egypt governor Tarek Amer (R) during a news conference in Cairo (Photo: Reuters)
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Egypt is set to receive the final installment of the first tranche of an International Monetary Fund (IMF) loan next week, the country’s Finance Minister Amr El-Garhy announced during a TV interview on Sunday.

In the phone-interview with privately owned channel CBC, El-Garhy told CBC’s Lamis El-Hadidi that Egypt is to receive the installment in the “next few days”.

The $1.25 billion disbursal, which will complete the first $4 billion tranche, was originally expected to arrive toward the end of June.

However, in June, El-Garhy told Reuters it was delayed due to bank procedures and IMF executive board meetings, but that there were no obstacles to Egypt obtaining the loan.

In November, Egypt received the first funding installment – an initial disbursal of $2.75 billion – following the floating of the Egyptian pound.

In mid-August 2016, Egypt reached a staff-level agreement with the IMF over the $12 billion loan to support the country’s fiscal reform programme.

The government embarked on the reforms in 2014 in an attempt to curb the growing state budget deficit – which was estimated at 12.2 percent of GDP in 2015/16.

Egypt is aiming for a 9.1 percent deficit for 2017/2018.

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