Cairo – Mubasher: Egypt is expected to secure the first tranche of the IMF $12bn fund facility by next week, Ahmed Kojak, Deputy finance minister told Mubasher.
“Receiving the first tranche will be after securing the fund’s approval at its upcoming executive board meeting on 11 November,” added Kojak.
The IMF Executive Board will meet on Friday, November 11 to discuss Egypt’s request for financial assistance under an Extended Fund Facility (EFF) for $12 billion, according to an earlier official statement by IMF.
Last week, the Egyptian Central Bank decided to float the Egyptian pound against the US dollar in a move to meet the IMF requirements to disburse the loan.
“Allowing the exchange rate to be determined by market forces will notably improve Egypt’s external competitiveness, address shortages of foreign currency, support exports and tourism and help attract foreign investment,” said earlier IMF Managing Director Christine Lagarde.
