Egypt Reserves Up Again As Cairo Pockets World Bank Cash

Egypt’s foreign currency reserves rose by a further $200mn last month to stand at $26.6bn at the end of February, their highest level since 2011 (see chart).

And reserves will likely have risen further during March with Egypt’s receipt of the second $1bn tranche of a $3bn World Bank loan. The first $1bn tranche was received last September, with the loan having initially been agreed in late 2015.

The key shot in the arm for Egypt’s reserves came with last November’s approval by the IMF of a $12bn three-year facility, which also unlocked billions in further cash. An initial $2.75bn tranche was released in November, with a second $2.75bn slated for next month. “We would expect the [IMF] board, all being well…[to] release the second tranche in April,” IMF Egypt mission chief Chris Jarvis says ( MEES, 20 January ).” (CONTINUED - 224 WORDS)

DATA INSIDE THIS ARTICLE

chart Egypt’s Foreign Reserves Edge Up Further $200mn In Jan To Highest Level Since 2011 ($Bn, End Period)