CBE receives new tranche of IMF loan worth $1.25bn
The Central Bank of Egypt
Cairo - MENA
The Central Bank of Egypt received on Tuesday dlrs 1.25 billion as a second tranche of the International Monetary Fund (IMF) three-year loan, a reliable source at the CBE said.
In statements to MENA, the source said the new tranche will support the foreign currency reserve at the CBE which recorded dlrs 31.3 billion at the end of June, the highest ever reserve since the January 2011 revolution.
Egypt secured dlrs 12 billion, a three-year bailout loan in November, to support its economic reform program. A tough set of economic measures were required to qualify Egypt to get the loan, including reducing subsidies, enacting the value-added tax, as well as the devaluation and subsequent flotation of its local currency.
A first installment of dlrs 2.75 billion has been paid out already.
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