By: Mostafa Adel
Cairo – Mubasher: The Central Bank of Egypt (CBE) has received the first tranche of the International Monetary Fund's (IMF) loan, an official source told Mubasher on Friday.
The source, who refused to be named, revealed that the tranche amounts to $2.75 billion, adding that the full loan will be divided onto four installments.
Statistics by Mubasher show that upon receiving the first tranche of the loan, the CBE's foreign currency reserves have increased to $23.5 billion.
Earlier on Friday, the IMF's executive board approved the $12 billion loan to Egypt.
The bailout “will help Egypt restore macroeconomic stability and promote inclusive growth,” the fund said.
The most populous Arab country, last week, took several steps including reducing fuel subsidies and floating the Egyptian pound against the dollar, as steps to meet the IMF's requirements.
Translated by: Nada Adel Sobhi
