{"id":647525,"date":"2017-05-14T04:01:27","date_gmt":"2017-05-14T04:01:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/14\/egypt-passes-imf-inspection-and-will-receive-the-second-tranche-of-the-loan\/"},"modified":"2017-05-14T04:01:27","modified_gmt":"2017-05-14T04:01:27","slug":"egypt-passes-imf-inspection-and-will-receive-the-second-tranche-of-the-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/14\/egypt-passes-imf-inspection-and-will-receive-the-second-tranche-of-the-loan\/","title":{"rendered":"Egypt passes IMF inspection and will receive the second tranche of the loan"},"content":{"rendered":"

<\/a> Egypt is now just a few signatures away from receiving the second tranche of its USD 12 <\/strong>bn loan from the IMF<\/strong>,after the delegation assessing the country\u2019s economic reform progress gave it a clean bill of health on Friday. The IMF\u2019s executive board will now have to sign off on a staff-level agreement announced Thursday to disburse the USD 1.25 bn tranche, which Egypt Mission Chief Chris Jarvis signed with the government, according to a \u201cThis agreement is a vote of confidence by the IMF staff in the continued implementation of the Egyptian authorities\u2019 program,\u201d Jarvis said in the statement, praising decisions including the float of the EGP, the implementation of the value-added tax, and subsidy reforms. It remains unclear when Egypt is to receive its funds, but chatter says sometime in June.<\/p>\n

Curbing inflation and continued progress on reform will be top priorities for the <\/strong>government and the central bank<\/strong>, Jarvis added. He also stressed that the importance of strengthening Egypt\u2019s social safety net \u201cto protect the most vulnerable people in Egypt while reform is underway.\u201d<\/p>\n

Jarvis gave props to the FY2017-18 budget<\/strong>, which he described as \u201cvery strong\u201d and if approved, \u201cwill place public debt on a clearly declining path to sustainable levels<\/strong>.\u201d Jarvis was particularly happy that the governmentdecided to raise the VAT in the next fiscal year and that it\u2019s pushing forward with the energy subsidy phase-out scheme. He was also quite optimistic about the prospects offered by the recently-passed investment and industrial permits acts.<\/strong><\/p>\n

News of the staff-level agreement is being played prominently by Bloomberg<\/a> and Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt is now just a few signatures away from receiving the second tranche of its USD 12 bn loan from the IMF,after the delegation assessing the country\u2019s economic reform progress gave it a clean bill of health on Friday. The IMF\u2019s executive board will now have to sign off on a staff-level agreement announced Thursday […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-647525","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ce6ea068-11b0-4cb8-8f79-2c4225956362","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647518],"teaser":"","voice_url":""},"yoast_head":"\nEgypt passes IMF inspection and will receive the second tranche of the loan - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2017\/05\/14\/egypt-passes-imf-inspection-and-will-receive-the-second-tranche-of-the-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt passes IMF inspection and will receive the second tranche of the loan\" \/>\n<meta property=\"og:description\" content=\"Egypt is now just a few signatures away from receiving the second tranche of its USD 12 bn loan from the IMF,after the delegation assessing the country\u2019s economic reform progress gave it a clean bill of health on Friday. 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IMF Egypt Mission Chief Chris Jarvis had said last week that the board would meet sometime\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597406,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/egypt-signs-agreement-for-the-second-tranche-of-the-new-capitals-chinese-loan\/","url_meta":{"origin":647525,"position":4},"title":"Egypt signs agreement for the second tranche of the new capital\u2019s Chinese loan","author":"enterpriseam admin","date":"25 July 2019","format":false,"excerpt":"Egypt inks agreements to receive second tranche of USD 3 bn loan for new capital\u2019s business district: Egypt has signed agreements with eight Chinese banks to receive the second tranche of a USD 3 bn loan to finance the construction of the business district in the new administrative capital, Housing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626423,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/02\/egypt-to-receive-fourth-tranche-of-imf-loan-next-week-following-boards-approval\/","url_meta":{"origin":647525,"position":5},"title":"Egypt to receive fourth tranche of IMF loan next week following board\u2019s approval","author":"enterpriseam admin","date":"2 July 2018","format":false,"excerpt":"Egypt expects to receive the fourth tranche of a USD 12 bn extended fund facility from the IMF this week, Finance Minister Mohamed Maait told Youm7. 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