Egypt will allocate 60 million EGP ($3.6 million), a part from the first tranche of the International Monetary Fund (IMF)’s $12loan, to the state’s budget deficit of Fiscal Year of 2016/2017, Youm7 reported an anonymous official told Youm7 on Monday.
This year, Egypt will receive $4 billion as the first tranche of the loan to support the foreign reserve; the $4 billion will be given in two tranches: Cairo already received $2.75 billion on Friday, while the 1.25 billion will be given in the coming five months.
