The Egyptian president’s office announced on December 31 that the government will receive the fifth tranche of the USD 12 bn International Monetary Fund (IMF) loan program in January, Reuters reports.

The IMF has previously decided to postpone its review of Egypt’s economic reform program, initially planned for earlier this month, prompting expectations of a potential delay in January’s USD 2 bn fifth tranche, according to Reuters.

The tranche comes as part of the three-year loan program started in 2016, under which Egypt pledged to adopt a package of reforms including the devaluation of the pound, cuts to energy subsidies and the introduction of a value-added tax.

President Abdel Fattah El-Sisi has met with central bank Governor Tarek Amer to discuss the positive outcome of the recent IMF’s staff team visit to Egypt, an official statement from the Egyptian presidency mentioned.

The meeting also showcased the recent economic reforms, highlighting that foreign exchange flows have reached USD 163.5 bn over the past three years.

El-Sisi has also phoned the IMF Managing Director Christine Lagarde on December 21 to discuss the implementation of the reform program, the presidency previously said.