Egypt to receive 3rd tranche of IMF loan

Source: Xinhua| 2017-10-13 20:48:08|Editor: liuxin
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CAIRO, Oct. 13 (Xinhua) -- Egypt will receive the third tranche of 2 billion U.S. dollars of the three-year International Monetary Fund (IMF) loan, state-run Aram newspaper on Friday.

It will be conducted by the end of this month or early next month after a second review, according to the report.

"Egypt is moving steadily in implementing the reform program," Ahram quoted Minister of Finance Amr el-Garhy as saying in an interview with the CNBC Arabiya TV channel on Thursday.

El-Garhy, who is in a visit to Washington to discuss the latest developments regarding Egypt's economic reform program as well as the agenda of the IMF delegation's visit to Cairo later in October, stressed that the government adopted good social protection programs.

Egypt agreed a three-year, 12 billion dollars IMF loan program in November that is tied to ambitious economic reforms such as subsidy cuts, tax hikes, enacting the value-added tax, as well as the devaluation of its local currency.

Egypt received an initial 2.75 billion U.S. dollars tranche from the IMF last November.