IMF seen delivering Egypt second tranche of $12 bln in second half of June

Egypt expects to receive the second tranche of its loan from the International Monetary Fund within the second half of June, the country’s Minister of Finance Amr el-Garhy said Sunday.

He told a news conference that the IMF delegation’s review of Egypt’s economic reforms was going well.

The IMF approved a $12 billion, three-year loan programme to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team is in Cairo this week conducting a review of Egypt’s reform efforts to decide when the next $1.25 billion will be disbursed.