Minister of Finance Mohamed Moeet has revealed that Egypt is set to receive the fourth tranche of the International Monetary Fund’s (IMF) loan package by the end of July 2018, Al-Ahram Online reports.

The coming tranche will be worth USD 2 bn, bringing the total amount to USD 8 bn since Egypt has signed the extended fund facility with the IMF in November 2016.

The new tranche will be used to fund some basic necessities in the general budget and to increase the foreign reserves, according to the minister.

Last month, Egypt and the IMF have reached a staff-level agreement on the third review of Egypt’s economic reforms that started in 2014 to decrease the country’s budget deficit which is currently 7.8% of the GDP.

Egypt is done with 85% of the reforms program, Moeet highlights.