File Photo: IMF Managing Director Christine Lagarde
The Executive Board of the International Monetary Fund (IMF) issued a press release on Monday saying it has completed the fourth review of Egypt's economic reform program, making the fifth trance of the IMF's $12 billion loan to Egypt available to the Egyptian authorities.
Full text of press release
On February 4, 2019, the Executive Board of the International Monetary Fund (IMF) completed the fourth review of Egypt’s economic reform program supported by an arrangement under the Extended Fund Facility (EFF).
The completion of the review allows the authorities to draw the equivalent of SDR 1,432.76 million (about US$2 billion), bringing total disbursements to SDR 7,163.81million (about US$10 billion).
The three-year EFF arrangement in the amount equivalent to SDR 8.597 billion (about US$12 billion at the time of approval, or 422 percent of quota) was approved by the Executive Board on November 11, 2016 (see Press Release No. 16/501) to support the authorities’ economic reform program.