July 13, 2017 / 6:44 PM / a month ago

UPDATE 1-Egypt set to receive $1.25 bln IMF loan tranche - MENA

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CAIRO, July 13 (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. (Reporting by Ali Abdelaty; Writing by Amina Ismail; Editing by Hugh Lawson)

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