Egypt to Get First USD2.75 Billion Tranche of IMF Loan Tuesday

تم نشره في Tue 8 November / Nov 2016. 01:00 AM
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CAIRO — Egypt will receive the first USD2.75 billion tranche of its three-year, USD12 billion International Monetary Fund loan next Tuesday, Deputy Finance Minister Ahmed Kouchouk told Reuters on Tuesday.

In August, the IMF agreed in principle to grant Egypt the loan to support a government reform program aimed at reducing its budget deficit and balancing its currency market.

The IMF board will discuss final approval of the program on Friday. IMF managing director Christine Lagarde said on Tuesday that she would recommend the board approve Egypt's request.