Egypt has received $820 million as the second tranche of the International Monetary Fund’s (IMF) loan program on Saturday, April 20th, two unnamed sources told Asharq Business.

Egypt was scheduled to receive the first tranche of the program during the first week of April, as previously announced by Prime Minister Mostafa Madbouly in March.

After the IMF’s Executive Board completed the first and second reviews of the Extended Fund Facility (EFF) deal with Egypt last month, it noted that the Egyptian authorities could immediately draw around $820 million. The IMF also approved to extend the loan program with the country by $5 billion.

 

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