Last Update 21:59
Sunday, 20 October 2019

Egypt receives final $1.25 bln in first tranche of IMF loan

Ahram Online , Tuesday 18 Jul 2017
CBE
File Photo: People walk in front of the Central Bank of Egypt's headquarters at downtown Cairo, Egypt, November 3, 2016. Picture taken Egypt, November 3, 2016. (Photo: Reuters)
Share/Bookmark
Views: 4343
Share/Bookmark
Views: 4343

The Central Bank of Egypt (CBE) has received the final instalment of the first $4 billion tranche of a $12 billion loan from the International Monetary Fund (IMF), state-run news agency MENA reported on Tuesday.

The deposit follows the IMF executive board's approval of the first review of the loan, said MENA.

According to an informed source at the CBE, the bank received the instalment on Tuesday.

On Friday, the IMF's executive board approved the first review of a $12 billion loan to Egypt and has disbursed $1.25 billion, the final instalment of the first $4 billion tranche of the loan, the IMF said in a statement.

The IMF's review included an assessment of the implementation of Egypt's reform programme since 2014, which includes cutting subsidies and government expenditure while implementing new taxes.

"The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts. We believe that these efforts will yield results," the fund's chief Christine Lagarde was quoted as saying in the statement last week.

In mid-August 2016, Egypt reached a staff-level agreement with the IMF over a three-year $12 billion loan to endorse the country’s fiscal reform programme, which the government embarked on in 2014 in an attempt to curb the growing state budget deficit.

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

Egypt is expected to receive a third loan instalment worth $2 billion from the IMF between December and January following the next review between November and December, Finance Minister Amr El-Garhy told Reuters on Monday.

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.