A delegation from the International Monetary Fund (IMF) will visit Egypt during the period from April 28 to May 8 to review the progress of the country’s economic reform program before handing over the second tranche of the USD 12 bn loan, Reuters reported.

Egypt and the IMF signed the three-year loan deal in November 2016, which involved tough economic reforms including the flotation of the EGP, the reduction of gas subsidies, and the levying of the Value-Added Tax.

In February, the IMF said it planned to conduct its first review of the programme in June 2017.