The visit comes in preparation for issuing the second installment of the first tranche of the $12 billion IMF loan. Kouchouk said that the IMF mission will also meet financial market players, leaders and representatives of major business organizations, and is expected to include Hazem el-Beblawi, the Executive Director of the IMF, the former Prime Minister. 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 $1.25 billion as a second installment from the first tranche, which amounts in total to $4 billion. The IMF originally approved the loan in November, when it releasing the first installment intended to jumpstart an economy battered by years of turmoil that has driven away investors and tourists alike.

Source: Egypt Independent April 29, 2017 10:18 UTC