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Thursday, 10 November 2016

Egypt could get IMF funding by next week

We’re getting the IMF bailout next Wednesday? Egypt is scheduled to receive the first tranche of IMF funding on Wednesday if the package is approved at Friday’s executive board meeting, Finance Minister Amr El Garhy said, according to Al Masry Al Youm. If all goes to plan, Egypt should be receiving a second tranche of funding from the fund in April or May 2017, El Garhy added without specifying the value of either tranche. IMF Managing Director Christine Lagarde had said she will recommend the executive board approve Egypt’s request for a USD 12 bn bailout package at its meeting on Friday, 11 November.

The EGP closed yesterday at 16.95 to the greenback on the interbank market, after news broke on Tuesday that the IMF would vote on the bailout package on Friday and could disburse the funds as early as next week.

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