Egypt Independent

Egypt to receive $1.25 billion IMF loan

Egypt is to receive a second loan installment worth $1.25 billion from the International Monetary Fund on Thursday night or Friday at the latest, according to state news agency MENA.

A three-year $12 billion IMF loan program was arranged for Egypt in November, tied to ambitious economic reforms such as subsidy cuts and tax hikes.

The IMF said in May that there was a staff-level agreement to disburse the second installment based on Egypt’s reform progress but that its executive board first had to meet to sign off on it.