CAIRO (Reuters) - Egypt is to receive a second loan instalment 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. [nL8N1IE5HQ]
Reporting by Ali Abdelaty; Writing by Amina Ismail; Editing by Hugh Lawson