Fifth IMF loan tranche to be disbursed in early 2019 -Maait

Egypt is expected to receive the fifth tranche of its USD 12 bn extended fund facility from the IMF in early 2019, Finance Minister Mohamed Maait told Al Mal yesterday. An IMF delegation is scheduled to visit in November to conduct a fourth review of the economic reform agenda ahead of disbursing the tranche. Egypt received the fourth USD 2 bn loan tranche earlier this month after passing the third review with flying colors and to much praise from the IMF’s executive board. The board had said that reform has helped accelerate growth and curb inflation and unemployment levels, but warned that more fiscal tightening was in order, particularly as the government continues to phase out fuel and power subsidies.