IMF review “going well,” Egypt on track to receive second tranche of USD 12 bn facility -El Garhy

Cabinet’s progress on the economic reforms it promised as a condition of the USD 12 bn IMF bailout is so far in line with the fund’s expectations, Finance Minister Amr El Garhy told the press yesterday. According to El Garhy, discussions with the IMF delegation currently in town to assess our reform program are going well so far. El Garhy otherwise remained tight-lipped on the details of the discussions, but confirmed that Egypt is on track to receive the second tranche of the USD 12 bn facility in June as scheduled. According to previous reports, subsidy cuts, the budget deficit, measures to curb inflation, and legislative reforms are among the top items of the IMF team’s agenda.