(Adds minister comments, background)
By Ehab Farouk
CAIRO, June 1 The next review for Egypt's $12
billion three-year International Monetary Fund lending programme
will be in either November or December, Egyptian Finance
Minister Amr El-Garhy told Reuters on Thursday.
Egypt last November began the programme, which is tied to
sweeping economic reforms that include subsidy cuts and tax
hikes. It received an initial disbursal of $2.75 billion at the
The IMF conducted its first review of Egypt's reform
progress last month and said it had reached a staff-level
agreement to make available about $1.25 billion, which would
complete the first tranche of the loan programme.
The IMF at the time described the agreement as "a vote of
confidence by the IMF staff" in Egypt's reform process, which
the Fund said was "off to a good start".
Garhy said on Thursday that Egypt is expected to receive the
$1.25 billion payment this month.
He said Egypt expects to receive the second $4 billion
tranche of the IMF loan over two instalments during the 2017-18
fiscal year, which begins in July.
(Reporting by Ehab Farouk; Writing by Eric Knecht; Editing by