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FINANCIAL NEWS
Egypt, IMF reach staff-level deal to unlock 2nd tranche of USD12bn loan
14 May 2017
(MENAFN) The Intl Monetary Fund (IMF) and Egypt reached a staff-level deal in order to unlock the second tranche of the USD12bn, three-year loan program.
Accordingly, the IMF staff team and the Egyptian authorities have reached a staff-level deal on the first review of Egypt’s economic reform program helped by the IMF’s arrangement.
Furthermore, the staff level deal is subject to approval by the IMF’s executive board, while completion of the review would make available about USD1.25bn.
Last Nov, the IMF reached a deal with Egyptian authorities on a three-year loan program and paid out USD2.75bn of the first USD4bn tranche of the loan.
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MENAFN1405201700450000ID1095476638
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