Egypt Independent

Government to receive $2 billion from IMF in July: Minister



 

Minister of Finance Mohammed Maet announced on Monday that Egypt would receive the fourth tranche of the International Monetary Fund’s (IMF) loan valued at US $2 billion in late July 2018.

Maet added that the government would deposit the amount after it would be exchanged with the local currency, the Egyptian pound in the ministry’s accounts at the Central Bank of Egypt (CBE).

Meanwhile, a governmental official asserted that the government did not request extension of the economic reformation program after it will finish in 2019, and did not ask the IMF to provide it with further loan.

The US$ 2 billion tranche will increase the total amount of loan given to the government up to $8 billion. According to the loan’s terms, the government will repay the total amount of loan, $12 billion, starting in 2022.

An anonymous source stated that the IMF would revise the program in December 2018 and finally in June 2019.

The source added out that indicators of the economic performance will increase starting with the fiscal year 2019/2020 and the government will pay the loan over 12 installments within 10 years.

Edited translation from Al-Masry Al-Youm