Last Update 10:14
Tuesday, 21 November 2017

Egypt set to receive second tranche from $12 billion IMF loan

Ahram Online , Thursday 13 Jul 2017
Egypt
Central Bank of Egypt (Photo: Reuters)
Share/Bookmark
Views: 1630
Share/Bookmark
Views: 1630

Egypt is set to receive on Thursday the second tranche of $1.25 billion from a $12 billion loan from the IMF, state-run MENA news agency reported, quoting sources in the Central Bank of Egypt.

The United States Embassy in Cairo has expressed its support for the IMF board vote to disburse the tranche.

In a series of tweets on their twitter page, the US embassy said that Washington is proud to support the IMF’s approval of the second tranche, which aims to support Egypt's growing economy, adding that US companies are investing in Egypt and helping create jobs and exports in the country. 

In May, the IMF staff team and Egyptian authorities reached a staff-level agreement on the first review of Egypt’s economic reform programme. 

The staff level agreement is subject to approval by the IMF’s executive board. 

Last month, Minister of Finance Amr El-Garhy told Reuters that the tranche was delayed due to bank procedures and the completion of IMF executive board meetings, but that there were no obstacles to Egypt obtaining the loan. 

The $1.25 billion disbursal, which completes the first $4 billion loan tranche, was initially expected at the end of June.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.