African trade ministers meet in Cairo to push forward with AfCFTA    Scatec's $3.6bn renewables portfolio part of Egypt's NWFE energy pillar    Egypt's stocks end lower on Sept 16    Egypt launches international architecture academy with UNESCO, European partners    Egypt's President, Pakistan's PM condemn Israeli attack on Qatar    Egypt's PM, Russian deputy PM discuss industrial zone, Dabaa nuclear plant    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Sisi tells global leaders at Macron's video conference: Israel crossed all red lines    Egypt to begin second phase of universal health insurance in Minya    Madrid trade talks focus on TikTok as US and China seek agreement    Power of Proximity: How Egyptian University Students Fall in Love with Their Schools Via Social Media Influencers    Egypt wins Aga Khan Award for Architecture for Esna revival project    Egypt's Foreign Minister, Pakistani counterpart meet in Doha    Egypt condemns terrorist attack in northwest Pakistan    Egypt advances plans to upgrade historic Cairo with Azbakeya, Ataba projects    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Lebanese Prime Minister visits Egypt's Grand Egyptian Museum    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt to receive 2nd tranche of IMF loan by June: El-Garhy
Egypt to issue international treasury bonds by end of May or beginning of June, says Minister of Finance
Ahmed Farahat Hisham Salah Published in Daily News Egypt on 07 - 05 - 2017

Minister of Finance Amr El-Garhy said that Egypt would receive the second tranche of the International Monetary Fund's (IMF) loan by the second half of June, worth $1.25bn. The total amount of the loan is $12bn.
The minister added, during a meeting held on Sunday, that the Egyptian economy's main indicators are currently under evaluation and revision by the IMF's delegation and the government.
It is worth mentioning that the IMF has approved a three-year loan programme worth $12bn in November.
However, El-Garhy stated that the main indicators are working normally and in a good way.
He explained that the government's programme includes many reforms that have come into actions such as the value-added tax (VAT), pound flotation, and subsidy cuts.
However, there are many reforms, such as the Investment Law, which is to be approved on Sunday, that will fix the economic environment, El-Garhy noted.
Moreover, the minister stated that Egypt is probably to issue international treasury bonds by the end of May or the beginning of June.
He said that issuing bonds would create financing sources for the next fiscal year's (FY) budget. The minister said that the government is studying the issuing of $1.5bn in April, according to Reuters.
The Ministry of Finance raised the maximum limit of issuing bonds to $7bn.
The last issuance raised the registrations of debt instruments to $4.1bn instead of $950m, El-Garhy noted.
On another issue, El-Garhy said that raising the interest rate is the Central Bank of Egypt's (CBE) responsibility.
Regarding subsidy cuts in the next FY, he said that the ministry did not decide on anything yet.

Clic here to read the story from its source.