A delegation from the Washington-based IMF has arrived in Cairo to review the country’s progress before it disburses the second installment of the $12bn-loan programme agreed in November last year.

According to a statement from Egypt’s finance ministry, the IMF delegation will stay in Cairo until 11 May and meet with officials from the ministry and the central bank.

Cairo is expected to qualify for the second tranche of the loan following the government’s commitment to key economic reforms that included the flotation of the currency last year.

In addition to this, the spring meeting between the IMF and the World Bank recently concluded that Egypt is expected to witness a strengthening in exports base following the currency devaluation. The two international funds also said in their post-meeting notes that Egypt is likely to see an improvement in tax revenues with the implementation of various fiscal reforms.

The Egyptian government also recently revealed that it is considering approaching the international debt capital markets to raise as much as $2bn through a sovereign offering.

Egypt launched a triple-tranche bond to raised $4bn earlier this year in a bid to boost its reserves.

Reserves had climbed to $28.5bn by the end of March, the highest level since March 2011.

Although Egypt’s foreign reserves have improved thanks to deposits from the IMF and GCC governments over the past few months, net foreign assets have been negative since the beginning of 2016. This disparity illustrates how Egypt has depended on foreign debt, such as the IMF loan and other financial support from the Gulf, to boost reserves. That dependence follows from a drastic decline in the country’s main revenue streams: tourism and the Suez Canal.