July 10, 2017 / 8:07 PM / a year ago

Egypt expects to receive second IMF loan disbursal within coming week: CBC

CAIRO (Reuters) - Egypt expects to receive a second loan installment worth $1.25 billion from the International Monetary Fund within the next week, Finance Minister Amr El-Garhy told private television channel CBC on Monday.

FILE PHOTO - Egypt's Finance Minister Amr El-Garhy attends a news conference in Cairo, Egypt August 11, 2016. REUTERS/Mohamed Abd El Ghany

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

The IMF has already there is staff-level agreement to disburse the second installment based on Egypt’s reform progress but that its executive board must first meet to sign off on it.

Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by Catherine Evans

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