Next IMF review to be in November or December -El Garhy

The next review by the IMF as part of its USD 12 bn, three-year, funding package to Egypt will be in either November or December, Finance Minister Amr El Garhy said, according to Reuters. Egypt completed a review last month and the reached a staff-level agreement with the IMF to disburse a second tranche of USD 1.25 bn of the loan. Egypt is set to receive the second tranche this month, El Garhy said (see reports in Al Mal and Reuters’ Arabic service). According to the proposed schedule of purchases under the agreement, the proposed date to disburse the third tranche is 11 November, 2017.