On the horizon

The IMF is expected to deliver the second tranche Egypt’s USD 12 bn extended facility at the end of the current fiscal year in late June, Finance Minister Amr El Garhy said on Sunday, according to Al Mal. Disbursement of the USD 1.25 bn tranche awaits the approval of the IMF’s executive board on a staff-level agreement that IMF Egypt Mission Chief Chris Jarvis signed with the government last Thursday, after certifying that the country’s economic reform agenda is moving in a generally positive direction.