Egypt’s minister of finance, Amr Al-Garhy, said Tuesday that the a mission from the International Monetary Fund (IMF) will visit Egypt next April to review the latest developments of the economic reform programme, and start the procedures of the second tranche of the $12 billion loan.
During his monthly meeting with the American Chamber of Commerce in Egypt, Al-Garhy said that the IMF mission’s visit, which was scheduled for March, was postponed to April as the ministry was finalising the budget of the next fiscal year to submit it to the parliament.
Earlier on 11 November 2016, Egypt has received the first tranche of the IMF loan worth $2.75 billion.
Al-Garhy noted that Egypt targets to reduce the budget deficit between 3 to 4% by 2021, with a growth of 6% in the country’s GDP.
The minister added that the flotation of the Egyptian pound has helped in solving about 60% of the problems facing the country’s economy, noting that the foreign investments in local treasury bills neared EGP 53 billion ($3.34 billion) since the flotation decision.
