Egypt will receive second disbursal of IMF loan within 2-3 weeks: finance minister

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Egypt's President Abdel Fattah al-Sisi looks on during his ceremonial reception at the forecourt of India's presidential palace Rashtrapati Bhavan in New Delhi, India, September 2, 2016. REUTERS/Cathal McNaughton/File Photo

CAIRO (Reuters) – Egypt will receive the second disbursal of a $12 billion International Monetary Fund loan within two to three weeks, Finance Minister Amr El-Garhy told Reuters on Thursday.

The $1.25 billion disbursal, which will complete the first $4 billion loan tranche, was initially expected to come toward the end of June.

Garhy said it was delayed due to bank procedures and the IMF executive board meetings, but that there were no obstacles to Egypt obtaining the loan.

(Writing by Arwa Gaballa: Editing by Patrick Markey)

 

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