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Egypt is set to receive the first $2.5 billion tranche of a $12 billion three-year loan facility from the International Monetary Fund within 15 days, a government source said Thursday.
Egypt has met all the IMF requirements and succeeded in securing the $6 billion from bilateral creditors needed to receive the loan, the government official told Al-Masry Al-Youm newspaper.
The additional $6 billion included a financing from China, the source added.
The IMF in August agreed in principle to grant Egypt a $12 billion, three-year loan facility to support a government reform programme aimed at plugging a budget gap and rebalancing currency markets.
