An International Monetary Fund mission will visit Cairo from April 28 to May 8 to review Egypt's economic reform program in preparation for issuing the second installment of the first tranche of the US$12 billion IMF loan, Finance Minister Amr al-Garhy said on Wednesday. The government received US$2.75 billion of this loan in November. The sources explained that dispensing the second installment depends on the approval of the new budget by Parliament. The IMF delegation is expected to review the performance of the economic austerity program and its results in the first quarter. Cairo is due to receive US$1.25 billion as a second installment from the first tranche, which amounts to US$4 billion.

Source: Egypt Independent March 16, 2017 08:48 UTC