Egypt to Receive Final IMF Loan Tranche in June

Egypt could receive the final tranche of the International Monetary Fund (IMF) $5.2 billion loan in final June according to Minister of Finance Mohamed Maait.

The board of the IMF didn't schedule any further meetings regarding the final tranche of the loan after the final agreement held by the organization and Egypt the fund last month.

The fund representatives reached an agreement with the Egyptian concerned authorities for approving $ 1.6 billion after the second review of the Egyptian economic program that back by IMF loan. The meetings took place virtually between May 4 and 24.

The money will be transferred to the Egyptian Ministry of Finance and it will support the country's foreign currencies reserves.