Cairo – Mubasher: Egypt will receive the second tranche of the International Monetary Fund's (IMF) $12 billion loan next spring, said Chris Jarvis, the IMF mission chief for Egypt.
"With regard to the second stage, that will probably come in spring. The way the program is structured is two tranches in each year for the three-year program – so a total of six altogether. Most of the tranches are for $2 billion", Jarvis told a talk show broadcasted by CBC yesterday.
The first tranche will be a bit more than $2 billion for giving Egypt a strong push-up at the current stage, Jarvis added, revealing that the second tranche will be so less than $2 billion.
Earlier, an official at the Central Bank of Egypt said that the bank had received the first tranche of the loan at $2.75 billion.
