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

FILE PHOTO - Egypt's Finance Minister Amr El-Garhy attends a news conference in Cairo

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.

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)