October 19, 2017 / 1:44 PM / a year ago

IMF team in Cairo next week to review third installment of $12-billion loan

CAIRO (Reuters) - A delegation from the International Monetary Fund (IMF) will arrive in Cairo next Tuesday to review Egypt’s progress on economic reforms before it disperses the third installment of a $12-billion loan program, the Finance Ministry said.

Products are displayed at a vegetable market in Cairo, Egypt, October 11, 2017. . REUTERS/Mohamed Abd El Ghany

The IMF said last month Egypt should receive a third loan installment of around $2 billion after a second check of progress at the end of this year, but indicators pointed to progress and consolidated economic growth.

Egypt agreed a three-year, $12 billion IMF loan program last November that is tied to sweeping reforms such as spending cuts and tax hikes.

They are designed to help revive an economy hard hit by a shortage of foreign currency and investment in the turmoil that followed its 2011 uprising.

Reporting by Amina Ismail; Editing by Gareth Jones

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