14 Jul

Egypt set to receive $1.25 bln IMF loan tranche: MENA

CAIRO (Reuters) – Egypt is to receive a second loan installment worth $1.25 billion from the International Monetary fund on Thursday night or Friday at the latest, state news agency MENA said.

Egypt agreed a three-year, $12 billion IMF loan programme in November that is tied to ambitious economic reforms such as subsidy cuts and tax hikes.

The IMF had said in May that there was a staff-level agreement to disburse the second instalment based on Egypt’s reform progress but that its executive board first had to meet to sign off on it.

[via Reuters Africa]

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