IMF reaches agreement with Egypt to disburse USD 2 bn: The S&P’s announcement came just hours after the IMF announced that it had reached a staff level agreement with the government on disbursing the USD 2 bn tranche of its USD 12 bn Extended Fund Facility. “Egypt’s economy continues to perform strongly, and reforms that have already been implemented are beginning to pay off in terms of macroeconomic stabilization and the return of confidence,” the IMF said in a statement. The agreement reaffirmed the government’s commitment to maintaining the reform agenda. The disbursement, which will still need to be ratified by the IMF’s board, will bring the amount Egypt has received from the IMF under the EEF facility to USD 6 bn, according to Reuters. The announcement from the IMF follows a second review of progress on the reform measures by an IMF team which concluded on Thursday with a visit to the Suez Canal Economic Zone, Vice Minister of Finance Ahmed Kouchouk said, according to Al Masry Al Youm.

Finance Minister Amr El Garhy said last night on a talk show appearance that the USD 2 bn should be disbursed in December.