June 29, 2018 / 9:22 PM / 3 months ago

IMF says approves $2.02 bln payment to Egypt as part of $12 bln loan

CAIRO, June 29 (Reuters) - The International Monetary Fund said on Friday it approved a third payment, worth $2.02 billion, of a $12 billion loan as part of an economic reform programme being carried out by Cairo.

The latest payment brings the total received by Egypt from the IMF to around $8 billion, it said.

As part of the loan agreement, Egypt has enacted tough austerity measures including a flotation of its pound currency in late 2016 which halved its value, and sharp fuel and electricity cuts in recent weeks. (Reporting by John Davison Editing by Chris Reese)

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