IMF: second tranche of loan depends on economic reform review due in April
IMF Mission Chief to Egypt, Chris Jarvis, said the first review mission is tentatively due to visit Egypt in April, adding that a delegation last visited on 30 and 31 January. The visit was scheduled originally to take place in February-end-early-March, and the delay is because the government is tied up with other commitments, he said, adding that implementation of the targets is going as planned on part of the Ministry of Finance and the Central Bank. The dialogue between the fund and the government is ongoing, Jarvis stated. The fund typically takes six to eight weeks following the visit to submit a review report on the reform to the board, and then disburse the second tranche, he added. Minister of Finance, Amr Al Garhy, stated earlier that the visit has been postponed as the Ministry needs time to prepare for the FY17/18 budget. The Deputy, Ahmed Kouchouk, denied reports that the disbursement of the second tranche (USD1.25bn) of the IMF’s loan is independent of the timeline of review missions.
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