Cairo – Mubasher: The IMF executive committee will hold a meeting on Friday 11 November to discuss and approve providing Egypt with $12bn three –year funding facility, Said Tarek Amer, governor of Central Bank of Egypt (CBE).
The IMF fund will aim to supporting the country’s overall economic reform program.
Last August, Egypt secured the IMF preliminary approval to obtain the loan.
Earlier, CBE announced the flotation of the Egyptian pound against the US dollar in a move to meet the IMF conditions for the $12 billion loan.
Egypt’s FX foreign reserves reached $19.6 billion by end of September 2016, down from $36 billion prior 25 January uprising in 2011.
