CAIRO (Reuters) - Egypt expects to receive the second instalment of its loan from the International Monetary Fund in the second half of June, Finance Minister Amr El-Garhy said on Sunday.
He told a news conference that the IMF’s review of Egypt’s economic reforms was going well.
The IMF approved a $12-billion, three-year loan program to Egypt in November and paid out $2.75 billion of the first $4 billion tranche of the loan. An IMF team is in Cairo this week conducting a review of Egypt’s reform efforts to decide when the next $1.25 billion will be disbursed.
Reporting by Abdel Rahman Adel,; Writing by Lin Noueihed; Editing by Giles Elgood