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UPDATE 1-Egypt says next review for IMF lending programme to be in November or December
June 1, 2017 / 9:25 AM / 4 months ago

UPDATE 1-Egypt says next review for IMF lending programme to be in November or December

(Adds minister comments, background)

By Ehab Farouk

CAIRO, June 1 (Reuters) - The next review for Egypt’s $12 billion three-year International Monetary Fund lending programme will be in either November or December, Egyptian Finance Minister Amr El-Garhy told Reuters on Thursday.

Egypt last November began the programme, which is tied to sweeping economic reforms that include subsidy cuts and tax hikes. It received an initial disbursal of $2.75 billion at the time.

The IMF conducted its first review of Egypt’s reform progress last month and said it had reached a staff-level agreement to make available about $1.25 billion, which would complete the first tranche of the loan programme.

The IMF at the time described the agreement as “a vote of confidence by the IMF staff” in Egypt’s reform process, which the Fund said was “off to a good start”.

Garhy said on Thursday that Egypt is expected to receive the $1.25 billion payment this month.

He said Egypt expects to receive the second $4 billion tranche of the IMF loan over two instalments during the 2017-18 fiscal year, which begins in July. (Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Giles Elgood)

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