Egypt expects second instalment of IMF loan in second half of June

An Egyptian man walks past a poster showing a US dollar outside an exchange office in Cairo. (File photo: Reuters)

Egypt expects to receive the second instalment of its loan from the International Monetary Fund in the second half of June, Finance Minister Amr El-Garhy said on Sunday.

He told a news conference that the IMF’s review of Egypt’s economic reforms was going well.

The IMF approved a $12-billion, three-year loan program to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team is in Cairo this week conducting a review of Egypt’s reform efforts to decide when the next $1.25 billion will be disbursed.

Last Update: Wednesday, 20 May 2020 KSA 09:50 - GMT 06:50