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CAIRO, July 14 (Reuters) - The International Monetary Fund said on Friday it had approved a second loan instalment worth $1.25 billion for Egypt.
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.
“I would like to congratulate the people of Egypt and the authorities for their success in pursuing their ambitious economic reform program. The approval by the IMF Executive Board of the First Review of the program shows the IMF’s strong support for Egypt in these efforts, "Christine Lagarde, Managing Director of the IMF said in a statement. (Reporting by Amina Ismail; Editing by Andrew Hay)