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Tuesday, 22 October 2019

Egypt to receive 5th tranche of IMF loan in coming days: Finance minister

Ahram Online , Monday 4 Feb 2019
Views: 2378
Views: 2378

Egypt said on Monday that the International Monetary Fund (IMF) has approved the disbursement of the fifth tranche of a $12 billion loan, with the country set to receive the $2 billion tranche in the coming days.

In official press statements, Egypt's Finance Minister Mohamed Maait said that the approval of disbursement came "as a result of the success of the country’s economic reform programme."

"The state is serious in executing this national programme,” Maait said, adding that the praise by IMF chief Christine Lagarde in January is a testimony of confidence in the country’s economy and its efforts to increase the growth rate, employment, and reduce the deficit.

The $2 billion tranche will bring Egypt’s total disbursements from the $12 billion loan package to $10 billion since the first disbursement was made in November 2016.

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